SWEDEN - AP7, the seventh Swedish National Pension Fund is set to tender for an active European equities manager in the coming days, following the termination of CDC IXIS Asset Management in November.
CDC IXIS lost a Skr1.75bn (e195m) mandate on the back of AP7’s three year review of investment managers. Mandates with State Street Global Advisors and Goldman Sachs Asset Management were retained.
Richard Grottheim (pictured), executive vice president at AP7 cited poor performance, high staff turnover and problems with administration and reporting as to why CDC IXIS was laid off.
“The administration was not working properly in our minds,” he said.
“Administration is a key issue because we are a lean organisation and need to rely on the reporting from the managers. That didn’t work properly in all the details. There has also been and still is quite a lot of turbulence on the personnel side, which is worrisome as well.”
Laurent Imbert, head of European equities at CDC IXIS recently departed, after less than a year in the job.
Goldman Sachs Asset Management is currently acting as the caretaker manager for the Skr1.75bn mandate. Mercer Investment Consulting has been hired for the new manager search.
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