SWEDEN - The Second Swedish National Pension Fund, AP2, is tendering for global custody and cash management services, a brief currently held by Svenska Handelsbanken.
Stockholm-based AP2 has been operational since January last year. Recently, the fund posted a -3.7% drop in assets for 2001.
The SEK133bn fund is expecting to select between 5-20 candidates in the first instance. Deadline for applications is March 4, 2002.
Invitations to tender will be dispatched to successful candidates on March 18.
The fund declined to give any further details at this stage, stipulating that “this procedure leaves no room for additional information or contact with us during this initial selection process.”
By Madhu Kalia
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.