SWEDEN- AP3 has dropped Schroders as its manager for a e212m Japanese equities brief, due to a poor showing in 2003.
The e14bn third national pension fund has appointed Capital International (50%) , Nomura (25%) and JPMorgan Fleming (25%) to the mandate as of February 2.
“A weak relative performance of the overall Japanese equity portfolio during 2003 has indicated that the selection and diversification of managers within the mandate could be improved. Therefore, we have decided to make changes in the mix of managers and to increase the number of managers from two to three,” the fund said.
The mandate was split between Capital International and Schroders since mid-2002.
Cecilia Sved, portfolio manager said: “Our aim is work actively with our managers and get the best possible combination of managers. All our managers are judged to be very good, but a combination of some managers offer greater diversification than others and we have to see what suits us best.”
On Wednesday, AP3’s CEO Tomas Nicolin announced his decision to quit and join as president of Alecta.
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