Nomura Asset Management has won a $147m (£102m) Japanese Equity mandate from Sweden's seventh national pension fund, AP 7.
According to Richard Grottheim, deputy executive president of the SEK15bn (£1bn) AP7 pension fund, Nomura is the fund’s first external active manager appointment. Nomura will manage the mandate against an FTSE AWI Japan benchmark.
Initially, the size of the mandate will be $100m (£70m). However, Grottheim said that he expects this to increase by SEK500m (£34m) a year as a result of cash flow into the fund.
Grottheim said of the hire: “We were impressed by Nomura’s track record and their commitment to meeting the reporting standards that we set.”
Additionally, Grottheim said that they were currently signing contracts with managers for a £70m European equities mandate, an Asia ex-Japan equities brief and a £34m Swedish equities mandate. Grottheim added that an announcement about one of the mandates was likely to be at the end of this week, whilst the names of managers for the remaining briefs would be disclosed within the next two weeks.
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