SWEDEN - Tredje AP-fonden, the Third Swedish National Pension Fund or AP3, has finalised appointments to a new e291m European small- and midcap equity portfolio.
The mandate is divided between Axa Rosenberg InvestmentManagement (e117m); JP Morgan Fleming Asset Management (e58m); Kempen Capital Management (e58m); Pictet Asset Management (e58m).
Commenting on the appointments, the SEK129.7bn AP3 fund said: “These managers have investment styles that complement each other well, contributing to the risk diversification of the portfolio.”
The reference index for the funded mandates is HSBC European Smaller Companies Index, (ex-Sweden).
Until now, all of the fund's European equity portfolios have been invested in large-cap equities. Assets to the new mandates have been transferred from the fund's internal management of these.
Three additional managers have also been signed to the reserve roster. They are BNP Paribas Asset Management, Morgan Stanley Investment Management and Scottish Widows Investment Partnership.
Stockholm-based AP3, which last week saw the sacking of chairman Johan Bjorkman amid insider trading allegations, is also expected to tender for up to two global hedge fund of fund managers this month.
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