SWEDEN- AP3, the SKr 126bn (€13.9bn) third Swedish National Pension Fund, has put out to tender an active European small/mid cap equity mandate, expected to be in the range of e200m-e450m.

The move forms part of the Swedish pension fund’s strategy to reduce its share of funds that are managed passively, and step up its presence in actively managed funds, which it feels will add value.

At the beginning of October AP3 also put out to tender an active US small/mid cap equity mandate for between $200m and $400m.

One or more managers will be selected for the mandate, which will most likely use the HSBC European Companies Index, Salomon smith Barney Extended Market Index or any of the CapRange series. Tracking error limit is expected to be at least 4%.

Applications should be received by 25th November.