SWEDEN - Tredje AP-fonden, Sweden's third national pension fund, is to put out a search for up to two hedge fund of funds managers in September.
Stockholm-based AP3 has been touting a move into hedge funds since last year.
The allocation will form part of an ongoing strategy to increase the fund’s share of active management where it can add value.
Bengt Hellstrom, head of the external management team, said that the mandate was likely to have a global remit. Strategies are being finalised.
He also reckoned that the allocation could be up to 3% of the total Skr120.2bn (e13.2bn) portfolio. This is the legal cap allowed for alternative investments made by the national funds.
At present, the fund is overseeing the advisory process in-house but hinted that that a tender could lead to a further search for a specialised consultant to assist on additional alternatives investments.
UK inflation unexpectedly rose to 2.7% in August, beating analysts' expectations of a drop to 2.4% from 2.5% the previous month.
The Pensions Advisory Service (TPAS) helped 187,000 people in 2017/18, a 9% fall on the previous year despite setting up special helplines for specific scheme members.
The Liberal Democrat party has passed a motion pledging to cap tax-free lump sums under Freedom of Choice at £40,000 if elected into government.