SWEDEN - The SKr127bn AP-Fonden 1, Sweden's first state pension fund, has hired Capital International to a e150m active Pacific equities mandate.
The mandate will exclude Japanese equities which will be managed between Martin Currie, the Scottish fund manager, and Japanese firm, Nomura. Both managers will handle about US$250m (e214m).
The new briefs will be funded from a passive global equity portfolio held by Barclays Global Investors, which manages approximately 12% of the scheme. AP1 has also mandated three reserve managers including Aberdeen Asset Management and Lloyd George Management for Pacific equities, Marathon Asset Management for Japanese equities and Schroder Investment Management for a combination of the two. The moves were advised by Mercer Investment Consulting.
AP1 has also shortlisted five candidates for a US$200m-300m US-small caps mandate, benchmarked against the Russell 2000 (ex-REITs). An appointment is expected at the end of November. For Edinburgh-based Martin Currie, the appointment at AP1 has continued a strong run of new business, including a similar win earlier this year from AP2.
Martin Currie’s director of European sales, Allan MacLeod, said: “We have been investing in our business throughout the cycle.
“Winning this prestigious account continues the momentum we have built up, and is further testament to the consistent, long-term performance of our Japan team.”
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