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AP7 picks KBI and Impax for SEK3bn green impact mandates

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Swedish national pension fund AP7 has awarded two “green impact investment” mandates totalling SEK3bn (€294m).

The SEK427bn pension fund, which manages the default option within Sweden’s premium pension system, said it had picked Ireland’s KBI Global Investors and UK-based fund manager Impax Asset Management to invest in companies that contribute to solutions for climate and environmental problems.

KBI Global Investors is to run a clean-water mandate linked to one of the UN’s Sustainable Development Goals, while Impax Asset Management has been given a wider climate and environmental mandate that relates to several global sustainability targets.

“AP7 aims, together with its managers, to develop measures and methods for gauging the sustainability benefits of investments,” the pension fund said.

The fund received 23 tenders in the procurement process, according to the award notice on the EU’s official tenders site.

Separately, AP7 has appointed London-based consultancy firm MJ Hudson Allenbridge to provide advice on “active alpha procurement”.

AP7 put out the tender in February as part of a move to add risk-factor investments to its portfolio.

Board reshuffle

The pension fund also announced a leadership change at the top of its supervisory board, with the government appointing Rose Marie Westman as AP7’s new supervisory board chair.

Westman has been a member of the supervisory board since 2012, and replaces Bo Källstrand who is stepping down from the board after eight years.

Westman is chief economist at Swedish advisory firm Burenstam & Partners, and was previously deputy chief executive at ABB Treasury Center in New York. She has also been a financial analyst and portfolio manager at Alecta.

The government also appointed two new members to the AP7 supervisory board: Per Frennberg, CIO of Alecta, and Emma Ihre, head of sustainability at law firm Mannheimer Swartling.

Frennberg and Ihre replace Westman and Hellen Wohlin Lidgard.

Meanwhile, a new chair has also been appointed at national buffer fund AP2, with deputy chair Jan Roxendal moving up to the top position.

Jeanette Hauff has been chosen as the new deputy chair, while Martina Björkman Nyqvist and Hanse Ringström have been appointed by the government as board members, AP2 announced.

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