Nordea Investment Management, part of Nordic financial services group Nordea, plans to shift the management of European, US and global equity portfolios to Copenhagen.

The restructuring, which comes within days of Nordea's appointment of a new chief executive, also sees the management of the Norwegian equities business being centralised in Oslo, and the euro fixed income team will be based in Copenhagen. The institutional sales team in Luxembourg will move to the Frankfurt office. The shakeup will affect around 35 employees but most of them will be offered other jobs within the group, said Nordea, which hopes to improve efficiency and focus.