The Swedish Fund Selection Agency (Fondtorgsnämnden, FTN) has launched its procurement for actively and passively-managed US and North American equity funds, focusing on large and mid-cap companies, as it continues its long task of repopulating the premium pension funds platform with quality-assured investment options.
The Tumba-based agency said today’s announcement that it intends to procure up to four funds in each of the two categories – replacing the current tally of 10 active funds and six passive funds currently being offered to Swedish savers for those categories in the first-pillar defined contribution pension system.
There are around SEK12bn (€1.1bn) and SEK29bn in the two categories on the existing platform, indicating the likely volume of business that asset managers winning the eight mandates on offer could gain.
Erik Fransson, the FTN’s executive director, said: “[The] US and North American markets constitute the largest equity market in the world and are a central component of many people’s long-term savings,” adding that it was important pension savers were given access to this market, not least from a freedom-of-choice perspective.
“Through the upcoming procurement, we aim to strengthen the conditions for achieving good long-term returns for savers,” Fransson said.
The deadline for receipt of tenders is 26 April, with an earlier deadline of 6 April for questions to be submitted, the FTN said.
This double-category procurement process is the eighth launched by the FTN since its first, nearly three years ago.
Last week, the agency announced the award of mandates in its biggest procurement, with much of the SEK200bn invested in actively managed global equity funds transferring to non-Nordic asset managers for the first time.
