AP looks for US manager
Sweden’s Skr700bn (E78.7bn) AP pensions and disability buffer fund is searching for a manager to invest approximately $100m in US corporate bonds in a rare move away from the domestic bond market.
Bo Ljunglof, deputy managing director of the AP fund, comments: “We have quite a substantial portfolio in credits here at the fund and wanted to have an external manager for part of it. The US market is very well functioning, deep and liquid – so we decided to look for bond management there.”
Lunglof says the in-house tender process has already got under away and that the fund is hoping to have a manager in place by the autumn.