The Swedish newspaper industry pension scheme PP Pension is looking to diversify, and possibly reduce, its large real estate allocation.

Twenty-eight percent of the fund's assets are currently allocated toward real estate, an “unusually large” amount, Dow Jones Financial News reported Monday.

In April of this year, PP Pension reorganised its €300 million equity portfolios to be more internationally diversified, which until then had the “unusual quirk” of allocation to Russian equities, Financial News reported.

The reorganisation will hurt State Street and T. Rowe Price in the United States, which together had about €95 million in equities, as well as global firm Schroders plc, which had €16 million. The new scheme will include managers Gartmore, which will manage a €30 million emerging markets brief, GLG Partners, with €16 million, and other firms, according to Financial News.

“In equities, previously we had a selection of regional and country mandates, including Russia and Japan. Now we have changed that to global mandates, Nordic mandates and emerging markets,” said Tomas Lindstrand, chief investment officer, according to Financial News.