AP1 widens consultant remit to include ALM
SWEDEN – The 12.8-billion euro Swedish national pension scheme AP1 is looking for a consultant who can offer asset liability modelling, manager selection and evaluation.
Forsta AP-fonden, the First Swedish National Pension Fund or AP1, has invited tenders for a “strategic consultant” to provide financial advisory services, including asset liability modelling, manager selection and evaluation, alternative investments, risk management, performance measurement and other financial advisory services.
AP1’s contract with current consultant Mercer Investment Consulting only covers manager selection said AP1 portfolio manager Staffan Ifvarsson.
“It’s not that we want to replace Mercer,” he said, adding that AP1 just wants to make the process of hiring a consultant simpler and more efficient. “Mercer will be one of the candidates.”
The contract begins on September 30 and the deadline for tenders is July 21. Between three and eight candidates will be shortlisted.
AP1 posted a negative return of 13.8% in 2002, taking its capital value to 117.1 billion crowns, or 12.8 billion euros. In February it announced changes to its asset allocation following an ALM study.