SWEDEN - AP3 has released details of a new active US smid cap mandate, first flagged up on IPN earlier this year.
The portfolio is likely to be in the range of US$200-400m and will be divided between one or more managers, although AP3 will sign agreements with 5-10 managers, some of whom will remain on a reserve, unfunded list.
The portfolio will be measured against the Russell 2500 Index and will be denominated in US dollars. AP3 said it will require weekly reporting of daily net asset values as well as regular monthly and quarterly reporting.
The deadline for expressions of interest is November 1, 2002. Rfps will be distributed to around 25 managers by November 18. The deadline for receipt of rfps is December 13. On-site visits are planned for early 2003.
Recently appointed Northern Trust will handle custody, including stock lending.
The move is part of a strategic overhaul at Stockholm-based AP3 which will see the fund phase out more passive mandates in favour of active ones.
Applications and further details can be found at www.ap3.se.
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