SWEDEN - Sweden's third national pension fund, AP Fonden 3, is about to launch a search for US small and mid cap equity managers.
Niklas Ekvall, investment manager at the EUR14.4bn fund, declined to reveal any further details about the search but did say that the tender is part of a shift towards an active investment management style.
AP3 is also set to appoint a manager to run up to EUR225m (US$200m) in corporate bonds.
AP3 was looking to have an appointment in place by the end of the second quarter. The winning manager will run between EUR112.5m (US$100m) and EUR225m (US$200m) for the fund.
Normally, AP3 elects to conduct investment manager research in-house. For the corporate bond mandate however, Ekvall said that the fund has employed Watson Wyatt to assist it.
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