SWEDEN - The e16bn second Swedish buffer fund Andra AP-Fonden (AP2) is looking to appoint several external asset managers for global equity portfolios in the range of US$150m and US$700m.
The successful tender will provide “discretionary asset management services for several global equity portfolios”, AP2 said in its tender notice.
Head of equities, Poul Winslöw, said between three and seven mandates would be awarded.
“We are already investing in global equities – this is expanding the risk-taking in this segment of the market,” he said.
Winslöw said global equities made up about 10% and regional equities 50% of the equity portfolio.
The fund’s regional mandates were bigger than the global mandates but the risk-taking would be higher in the global mandates, he said.
“We see better opportunities in global mandates,” Winslöw said.
“Generally speaking, it’s easier for managers to take uncorrelated bets - the broader the mandate is, the more uncorrelated bets you can take and therefore that’s also why we are taking more risk in the global area as opposed to the regional area.”
AP2 is conducting the search in-house and deadline for tender is November 21.
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