Danish pension fund Arbejdsmarkedets Tillaegspension (ATP) may tender equities mandates worth up to $1bn following dissatisfaction with current managers.
The fund had already expressed a separate interest in appointing a second Japanese equities manager - but this may not now happen. The fund will make a decision two or three months from now as to whether to recruit for that brief.
But, ATP may be looking for other new equities managers following a meeting of one of its investment committees in October.
A source in the fund’s equities department said it constantly watches its managers with a view to reviewing them.
Danske Bank currently manages index three equities briefs - a US index mandate worth $200m, a Germany brief worth $400m and a Latin American portfolio worth $100m. In addition, Nordea holds a $300m Far East equities mandate.
The source said investment performance was not the only criteria by which the fund judges managers and cited “presentation, investment style, process and research” as equally important, and implied that shortcomings in these areas, especially presentation, could mean that the current managers would be dumped.
The fund’s equity committee will meet on October 1, and if any changes in manager line-up are to be made new ones will be appointed early next year.
By Luke Clancy
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