SWEDEN - Sweden's largest buffer fund, AP1, has tapped Axa Rosenberg Investment Management for a $200m (€135m) Japan broad market equities mandate.

A spokeswoman for the SEK207bn (€22bn) AP1 fund declined to specify managed the mandate before, but added Axa holds this mandate alongside five other asset managers.

AP1 will only reveal its asset managers in its annual report, said the spokeswoman. However, information available on Pension Funds Online indicates two of the Japanese equities managers may be Nomura Asset Management UK and Martin Currie Investment Management.

Rikard Kjörling, head of external management at Första AP-fonden, said in a statement published by Axa: "Diversification of risk and active management are cornerstones of the fund's operations."
AXA Rosenberg currently manages $14bn of Japanese equities, while also offering propositions such as Japan 130/30 and Japan Enhanced Index Equities.

AP1 said in October it was considering moving into 130/30 strategies in the future, though the spokeswoman added today no tender had been made yet.

The $680m Pacific ex Japan equities mandate the fund tendered in October is also yet to be awarded.

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