SWEDEN - Fjarde AP-fonden (AP4), the fourth Swedish National Pension Fund, has tendered for a global custodian with a view to finding "primarily one provider that offers global custody and related services".
Swedish assets managed by the e16bn fund are currently with a separate custody provider to the global assets.
AP4 said it was looking for a provider that offered “global custody and related services”, which could include compliance monitoring, fund accounting, performance and risk analysis, front office-application systems, trade matching and securities lending.
Swedish assets may be excluded from the custody mandate, however, if they are included, AP4 said the applicant must be able to keep Swedish equities registered in the name of the fund. In addition, the fund “must be able to exercise all voting rights for these equities without re-registration at all time”.
The fund said a second, optional global custodian may be selected during the tender in case the chosen provider “fails to deliver the agreed upon level of services”.
Deadline for tender is January 31, 2005.
AP4’s strategic benchmark portfolio consists of Swedish equities 19%, global equities 42%, Swedish fixed income 17%, global fixed income 20% and property 2%. The fund’s assets are managed by internal and external investment managers.
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