Sweden's AP3 - the country's third national pension fund - is tendering two new equity briefs for Asia Pacific (ex-Japan) and Japan, worth just under EUR600m.
Both portfolios are currently held on a passive basis by State Street Global Advisors (SSgA). A decision was made to hold part of the mandates actively meaning that the the Asia Pacific mandate could be worth between $90m-$140m (EUR102m-EUR159m) and the Japan brief will be between Y20bn-Y45bn (EUR184m-EUR414m). SSgA will retain the passive components.
The mandates will be benchmarked against the FTSE All World Japan and FTSE All World Developed Asia-Pacific (ex Japan) indices.
According to Bengt Hellstrom, portfolio manager for external mandates, managers must be “experienced in managing equities in those areas and can show that they are adequately well capitalised.”
He added that manager experience against the benchmarks would “preferable”.
Deadline for applications is 27 August, 2001. The fund aims to shortlist by October and appoint before year end.
The move is not being advised by a consultant.
By Madhu Kalia
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