Bita Plus Consultants (BPC) has signed an agreement with Swedish consultancy and services group Proventek for the distribution of BPC's risk management products in the Nordic region.
Under the agreement, Proventek will assume responsibility for sales and marketing for the full range of BPC products and provide implementation, training and local support.
BPC believes the Nordic region is a growth market for its risk management software. A February survey by global actuaries Watson Wyatt identified Sweden as one of the countries fuelling growth in hedge funds in 2002. In June, the Seventh Swedish National Pension Fund became the first public fund in Sweden to allocate money to hedge funds - to the tune of EUR109 million.
With the UK and the Netherlands, Sweden is one of only three countries to oppose EU proposals to limit pension fund investment in complex instruments.
Simon Tizard, managing director of Bita Plus Consultants, says: "With the explosion in the alternative investment market, BPC will be well placed with support from Proventek to make a major impact in the Nordic region."
Bengt Bergstrom, CEO of Proventek, adds: "BPC is entering the market with the right tools at the right time and with Proventek's local expertise and resources in consultancy and support we are confident that we can provide an excellent service to financial institutions in the region."