SWEDEN - Sweden's second national pension fund has appointed more managers to its equity roster.
The move is part of the SEK126.7bn fund’s strategy to increasingly activate parts of its overall portfolio where it believes it can diversify risk and add long-term value.
Handelsbanken Kapitalförvaltning has been hired to a SEK1.5bn index-enhanced Swedish equities mandate, benchmarked against the SBX, with a tracking error of between 0.5%-2%.
SEB Kapitalförvaltning and Carlson Investment Management have also secured an active Swedish equities brief, benchmarked against the SBX and with a tracking error of 2%-5%. The portfolios are believed to be valued at SEK2bn and SEK4.3bn, respectively.
Earlier this year, AP2 also tendered for an active Swedish equities mandate, this time against the AP-OBX. Öhman Asset Management (SEK0.9bn), Carlson (SEK0.9bn), Carnegie Kapitalförvaltning (SEK0.8bn), Enter Kapitalförvaltning (SEK0.2bn) and SEB (SEK0.2bn) will all manage the portfolio which has a tracking error of 5%-15%.
All contracts are for four years in the first instance with optional extensions.
SEB, Enter, Carnegie and Carlson already handle money for the fund.
AP2 has also hired Alfred Berg Kapitalförvaltning, Danske Capital, Robur Kapitalförvaltning (formerly FöreningsSparbanken Kapitalförvaltning) and Nordea Investment Management for its reserve list.
At present, the fund’s share portfolio comprises SEK25bn of Swedish equities and international equities worth just over SEK50bn.
Between 50%-55% of the share portfolio is under external management.
AP2 is also finalising contract details for managers for its new international active equities mandate.
Some US$5.4bn has been penned for the sector funds, which will be benchmarked in line with the MSCI developed markets index covering Europe, North America, Asia-Pacific (ex-Japan), Japan and global. The mandates will combine any selection of sectors and regions, except for the Pacific Rim and Japan which will be regional only.
The appointments come as AP2 hires a new head of equities to replace Evert Carlsson later this autumn.
Poul Albaek Winslöw joins the fund from Nordea Investment Management in Stockholm where he was head of strategic research/tactical asset allocation.
“We are convinced that Poul will make a considerable contribution to the continued development of the fund.
“This will naturally apply first and foremost to the equities side, but to other units too, where his broad experience can provide us all with new input and fresh ideas,” said AP2’s chief investment officer, Petter Odhnoff.
Carlsson, who left AP2 last year, has since taken up an economics professorship at the University of Gothenburg, added Odhnoff.
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