Swedish commune appoints external team
The Skr40m (e4.5m) scheme of Kommun of Jämtland in the heart of Sweden has appointed a raft of managers to its four funds, including specialist environmental and global equity mandates.
The scheme, currently amassing assets for the fund, has selected Morgan Stanley to manage around Skr4m in overseas shares and taken on Banco to look after a 4% environmental portion of the fund.
Swedish manager Alfred Berg has scooped in the region of Skr11m, 27% of the final fund amount, which it will invest in domestic equities and fixed-interest.
And the remaining 60% of the fund (Skr24m) will be split between WASA Lansförsikring and Skandia, with both investing in Swedish fixed-interest (25% each) and money market funds (5%).
Peter Ahlberg, investment co-ordinator at the fund, said: “Wassum Consultants will carry out the overall administration for the funds, and together we looked at the track records and personnel of the managers before their selection. At the heart of what we are seeking to do is an ethical investment policy with sufficient diversity but stable returns, and I think the final choice of managers reflects that.” Hugh Wheelan