AP2 appoints raft of managers to SEK130bn fund

SWEDEN - The SEK130bn (e14.6bn) Gothenburg based AP fonden 2 has appointed six new asset managers and a global custodian. Boston based MFS Institutional Advisers, ABN Amro Asset Management, Dresdner RCM Global Investors, Pictet Asset Management, Svenska Handelsbanken Asset Management and Länsförsäkringar Fonder have all picked up the as yet undisclosed briefs, with the assets to be transferred later this year.

Svenska Handelsbanken was awarded the custody for the whole AP2 operation.

Barclays Global Investors and Merrill Lynch, both appointed alongside State Street last December to handle some of the AP2 fund’s assets are also currently drawing up a plan to re-allocate some SEK90bn of AP2’s assets - currently in fixed income investments.
The assets will be divided into smaller, active equity briefs to be divided between the newly appointed managers.

“ The board has just had a discussion about this and has decided to handle it later this year. First, we have to build a global equity portfolio, and after that we can split it,” says Lars Idemark, managing director of AP fonden 2.

The fund used the Swedish consultancy MPIR, recently bought by Deloitte & Touche, to select the new managers.

The AP2 fonden is one of a series of buffer funds created to cover future pensions and other social payments in Sweden.

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