Danish Mayor displeased with investment losses and airs idea of municipality-owned bank
At the small Danish municipality of Faaborg-Midtfyn they are far from pleased with the performance of the municipality's two asset managers Jyske Capital and SEB. The mayor believes the money will be better managed by a municipality-owned bank.
Faaborg-Midtfyn Municipality lost EUR 536,000 on investments of its surplus liquidity last year. The investments are managed by domestic Jyske Capital and Stockholm-based SEB. The poor performance is criticized by the local municipality council, and now the mayor floats the idea of a municipal-owned bank, writes local newspaper Fyens.dk
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