AP7, Sweden's seventh national pension fund, will have to wait until August to know whether or not it is allowed to invest in private equity and hedge funds by the end of September.
Originally, Cederquist - AP7's lawyers - was to have had an answer for them by the end of June. However, Richard Grottehiam, the fund's deputy executive president, said that the fund would now have to wait until the end of August for an answer, as Swedish regulators and other personnel involved in the case are on holiday.
Currently, Swedish regulations state that AP7 can invest in fund-of-funds products. The fund consulted Cederquist as it was unsure whether or not that definition included hedge funds and private equity investments.
If it does receive legal clearance, AP7 will invest between EUR83m and EUR165.3m in private equity and hedge funds. Searches for a consultant to assist them and for fund managers would begin in September. Daniel Barr, the fund's chief analyst, said that managers would probably be appointed at the start of next year. In total, alternatives would make up between 5% and 10% of AP7's total assets.
By Geoffrey Ho
Potential changes to accounting standards and increased pressure on companies to accelerate contributions could worsen FTSE 100 scheme funding by up to £100bn, according to Lane Clark and Peacock (LCP).
Smart Pension has taken on over 20,000 active members from the £20m Corpad Master Trust, following a strategic review by the ceding firm's trustees.
The Universities Superannuation Scheme (USS) allegedly obstructed a whistleblower as she tried to discover the true value of the deficit in its defined benefit (DB) section, according to reports.
The Cost Transparency Initiative (CTI) has launched a number of templates and guidance to help pension schemes deliver greater value for savers with enhanced disclosure of transaction cost information.