FINLAND - Kuntien Elkevakuutus, the E12bn Finnish Local Government Pensions Institution (LGPI), is seeking managers for an all country Asia Pacific equities (ex-Japan) mandate worth between E100m-E200m.
Helsinki-based LGPI, Finland’s largest pension fund by assets, is looking for one or two managers for the portfolio. The deadline for receipt of requests to participate is April 24 with an appointment expected by the start of the September.
LGPI said between five and 10 services providers will be notified from April 25. If more than 10 service providers apply LGPI will look at criteria such as information ratios and team personnel.
The fund is looking for managers who can show a track record against the MSCI AC Asia Pacific (ex-Japan) or a similar index. Key individuals in the team are expected to have at least 5 years of relevant equity management experience gained within the last 10 years. The firm should also have a minimum of E500m under management in the product that is put forward.
LGPI, which covers a total of 465,000 members, saw its capital value depleted by -10.5% at the end of December 2002.
At the end of the 2002, the fund held slightly over 39% in equities, around 9% in real estate, 3% in alternatives and the remaining 49% in fixed-income investments. Fixed-income includes bonds, loans and money-market investments.
Around 70% of the investments are held outside Finland, although direct real-estate is limited to Finland.
LGPI’s long-term strategy is to hold 40-60% of investments in listed equities, 35%-50% in fixed-income, 10% in real estate and a maximum of 5% in alternative investments. No additional details were available during press time. Further information can be obtained at www.keva.fi.
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