PFA's Executive Management consists of Group CEO Allan Polack, CFO Anders Damgaard, EVP Mads Kaagaard & CIO Kasper Ahrndt Lorenzen.

Group CEO – Allan Polack 

Allan Polack became Group CEO on 1 April 2015. Before joining PFA, Allan Polack served as CEO of Nordea Asset Management where he, since his appointment in 2007, contributed to doubling the assets under management from approximately DKK 600 billion to approximately DKK 1,200 billion. Previously, Allan Polack has held several executive positions in the Nordea Group, including CEO of Nordea Liv & Pension from 2002 to 2007.

Allan Polack sits on the board of directors of La Banque Postale Asset Management, Axcelfuture, The Danish Insurance Association, PFA Ejendomme and PFA Brug Livet Fonden.

Allan Polack holds a Master of Science in Economics and Business Administration from Copenhagen Business School and has completed an AMP (Advanced Management Programme) from INSEAD.


Group CFO – Anders Damgaard

Anders Damgaard is Group CFO and responsible for Finance & Group Functions.

Before joining PFA on 1 December 2014, Anders Damgaard was Executive Vice President and Global Head of Corporate and Institutional Banking at Danske Bank. Prior to his employment with Danske Bank, Anders Damgaard was Assistant Professor of Finance at the University of Southern Denmark.

Anders Damgaard is Chairman of PFA Bank and sits on the board of directors of Danish Ship Finance, Blue Equity Management A/S, PFA Asset Management, PFA Ejendomme and PFA Kapitalforening.

Anders Damgaard holds a Master of Science in Mathematics-Economics from Aarhus University as well as a PhD in Finance.

EVP – Products & Development – Mads Kaagaard

Mads Kaagaard is EVP and responsible for Products & Development.
Before joining PFA on 1 February 2016, Mads Kaagaard held a position at Nordea as Head of Savings & Wealth Offerings in the Nordic region. Prior to his employment with Nordea, Mads Kaagaard worked at Accenture and Boston Consulting.

Mads Kaagaard sits on the board of directors of Letpension.

Mads Kaagaard holds a Master of Science in Engineering.


Group CIO – Kasper Ahrndt Lorenzen

Kasper Ahrndt Lorenzen joined PFA as Group Chief Investment Officer on 1 September 2019.

Prior to his appointment as Group CIO with PFA, Kasper Ahrndt Lorenzen was employed with ATP for 11 years, latest in the position as CIO and Executive Vice President. Previously, Kasper Ahrndt Lorenzen was employed with Nordea and before that with PFA.

Kasper Ahrndt Lorenzen is Chairman of PFA Asset Management’s and PFA Kapitalforening’s Boards of Directors.

Kasper Ahrndt Lorenzen holds an MSc in Economics from the University of Copenhagen, and has studied Finance and Statistics at Cornell University Graduate School.

Executive employees

  • Michael Bruhn, Executive Director, PFA Ejendomme    
  • Dorthe Bundgaard, Vice President, Legal Department
  • Jacob Carlsen, Vice President, Risk    
  • Mikkel Friis-Thomsen, Vice President, Communications & External Relations
  • Irene Holmslykke, CEO & Executive Director, PFA Asset Management
  • Thomas Dyhrberg Nielsen, Vice President, Finance & Actuarial Department
  • Nina Groth, Executive Director, PFA Bank A/S
  • Peter Rosenlind-Nissen, Vice President, Advisory Services
  • Morten Winther Hansen, Vice President, Product & Process Management
  • Pia Irene Andreasen, Vice President, HR   
  • Jens Gammelmark, Vice President, Product & Digital Offering
  • Jesper Steensen, Vice President, Corporate Customers
  • Nina Groth, Vice President, Customer & Pension Service
  • Morten Steiner, Vice President, Data & IT

Ensuring a competent Board of Directors

The boards of directors within the PFA Group must possess the necessary competencies and qualifications. To ensure that these requirements are met, PFA has, among other things, a diversity policy that describes how the company ensures a diverse board of directors with the competencies necessary to carry out its present as well as its future tasks.

The Board of Directors is evaluated annually based on the company’s business model and the associated risks. The evaluation also includes an assessment of the results achieved by the board. Furthermore, the evaluation assesses the planning of the board’s work as well as whether the board members combined hold the knowledge, professional competencies and experience necessary to understand the company’s activities, including material risks, and to run the company in a responsible manner. Based on this evaluation, the board determines whether any initiatives need to be undertaken in order to ensure sufficient competencies and diversity among the board members at all times. If the evaluation reveals a need for strengthening the combined competencies of the Board of Directors and/or the Executive Board, resources will be earmarked for training, etc.

In addition, it is assessed on an ongoing basis whether any changes in the company’s business model or risk profile necessitate an upgrade of the qualifications of the Board of Directors and/or the Executive Board. The necessary staff resources and financial resources for introductory and supplementary training will be earmarked in the company’s training budget. Newly appointed board members are offered an internal training programme that is fitted to the company’s business model and complexity.