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IPE special report May 2018

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AP1 names seven managers for E656m Asia brief

SWEDEN – Sweden’s first national pension fund, Första AP-fonden or AP1, has appointed seven managers for its actively managed Asia-Pacific equity portfolio.

The 750 million-dollar (656 million-euro) mandate was awarded to Capital International (for Pacific ex-Japan investments), and Nomura Asset Management and Martin Currie Investment Management for Japanese equities.

Agreements have also been signed with: Aberdeen Asset Management; Lloyd George Management; Marathon Asset Management; and Schroder Investment Management for future transfer of funds within the same mandate.

AP1 says the selected managers will give the fund good flexibility and portfolio diversification together with a high risk-adjusted return net of costs.

AP1 announced its intentions to increase the share of actively managed mandates in its annual report. The assets for the new Asia-Pacific mandate are being transferred from the fund’s external passive Pacific mandate, managed by Barclays Global Investors.

The fund has still to decide on managers for a 200 to 300 million dollar US small cap equity mandate. When the tender is finally complete, AP1 then intends to look for managers for a European small cap mandate.

AP1 has 126.6 billion-Swedish crowns (13.7 billion euros) in assets.

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  • QN-2436

    Asset class: Real Estate - Core Open-ended Real Estate Equity Fund (non-listed).
    Asset region: Asia Pacific.
    Size: Approx. CHF 70-100m per investment.
    Closing date: 2018-05-25.

  • QN-2438

    Asset class: High Yield Bonds.
    Asset region: US.
    Size: USD 300 million.
    Closing date: 2018-05-25.

  • RE-2441

    Closing date: 2018-05-31.

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