SWEDEN - The first AP fund has issued a mandate for Pacific equities Ex-Japan as part of a cyclical tendering process.
Capital International currently holds two thirds of the mandate which was worth SEK4.1bn (US$632m) at the end of June, with Lloyd George taking the remaining portion.
A spokeswoman from AP1 said the current managers could well take the mandates again as this search was due to the fund’s policy of reissuing tenders on a cyclical basis.
She added that the deadline for submissions was 5 December and the fund hoped to have managers in place by the end of June 2008.
AP1 had assets under management totalling SEK221bn (US$34.1bn) at the end of June 2007.
The seventh AP fund recently redistributed its Japanese and AsiaPacific equity mandates, each worth SEK3.7bn (US$570m). Nomura and Société Générale picked up in the deal which saw Schroders lose out on SEK2.6bn (US$401m).
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