SWEDEN - AP2, the EUR14.7bn second Swedish national pension fund, has appointed Towers Perrin and its Swedish associate HRS to provide asset liability modelling (ALM) services.
Tomas Franzén, head of asset allocation, said: Within the ALM framework, this year’s study will emphasise the asset side and provide us with a more detailed long-term benchmark. Not least the focus on the asset side has led us to conclude that Towers Perrin's approach will suit AP2. The objective with this study is to find an appropriate benchmark where the asset structure is concerned. The study does not, whatsoever, cover issues related to the selection of investment managers.”
The study will begin in May and is set to finish during the third quarter.
Presently, the fund employs nine external managers. The AP2 roster consists of Swedish firms Alfred Berg, Carlson Investment Management, Carnegie Asset Management and SEB. The other managers are State Street Global Advisors, Merrill Lynch, Barclays Global Investors, Pictet and MFS.
In February, the fund began a search for a global custody and cash management services provider, a brief currently held by Svenska Handelsbanken.
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