SWEDEN – Tredje AP-fonden, the third Swedish buffer fund, says it is increasing the level of active risk throughout its benchmark portfolio – which will see a global equity group taking full responsibility for equity mandates.
It said: “The move covers market risk and active risk (i.e. alpha and beta) and follows the introduction in 2003 and 2004 of a more dynamic reference portfolio allocation strategy.
“It marks a further step towards achieving an optimal balance between the fund’s asset management profile and its role within Sweden’s national pension system.”
It added: “A global equity group will assume full responsibility for all equity mandates, including all regions and management styles.”
The group would “allocate investments more actively between regions, segments and sectors and will also promote increased diversification”. It will also select, assess and monitor external equity managers.
Elsewhere, Nordea has said it has received backing from one of the Swedish buffer funds for a private equity fund of funds.
It said Nordea Private Equity II had attracted $210m, with “strong support from a number of Nordic institutional investors, including a leading Swedish public pension buffer-fund”.
And ATP Private Equity Partners, part of Denmark's ATP pension fund, said it has raised its second fund - ATP PEP II – with €1bn of committed capital.