Sweden’s AP1 has launched a tender process in search of a global custodian, to provide custody for all its pension fund assets – which totalled SEK352bn (€32.9bn) at the end of June.

The fund, which is one of the country’s four main buffer funds backing the state pension, said in a notice on the EU’s procurement website TED, that the mandate is for five years, and not subject to renewal.

The deadline for receipt of tenders or requests to participate is the end of 28 November.

The contact listed for the tender is Stephen Merry, director of the advisory and analytics team at investor services firm Thomas Murray.

AP1’s current global custodian is JP Morgan.

Italy’s Fon.Te hires Payden & Rygel as bonds manager

Fon.Te, the pension scheme for Italian trade, tourism and service workers, has appointed Payden & Rygel Investment Management to manage a €230m global government bonds portfolio.

“Fon.Te is one of the leading Italian pension funds and we are very pleased to have won this mandate following our participation in the public tender published earlier this year,” said Nicolo Piotti, managing director at Payden & Rygel.

The mandate will be run by Payden & Rygel’s specialist global government strategies team, Piotti said.

Arco, the Italian pension fund for workers employed in the wood, furniture, forestry, brick and concrete sectors, recently selected Payden & Rygel to manage a €140m balanced equity and fixed income mandate.