SWEDEN - Swedish automotive financing company AB Volvofinans has been at the centre of a deal featuring the Sixth Swedish National Pension Fund (AP6), Ford Credit International (FCI) and the country's Volvo dealerships.
The deal involves a change of ownership structure for AB Volvofinans and means AP6 will purchase 40% of the shares of the company.
Currently, AB Volvofinans is jointly owned by the Swedish Volvo dealerships via their investment company AB Volverkinvest and FCI.
After the transaction is completed, Volverkinvest will continue to hold 50% of the shares, AP6 will hold 40% and FCI will keep 10%.
The transaction is subject to approval from the Swedish Financial Supervisory Authority and the Swedish Competition Authority.
Speaking to Global Pensions about the deal, FCI said it saw AP6 as a great strategic partner which wanted to see AB Volvofinans grow.
In a separate development, at the beginning of this month, AP6 said it would invest in SEB’s Nordic Hedge Fund Index.
AP6 portfolio manager, Fabian Dahl, told Global Pensions at the time: “The index is a very good benchmark for our portfolio. We already have single managers who work on a mainly long/short basis.”
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.
The lifetime allowance will rise to £1,054,800 from April next year as the Office for National Statistics (ONS) recorded inflation at 2.4% in the year to September.
The national procurement frameworks for the Local Government Pension Scheme (LGPS) has been expanded to include member data services.