Swedish win for MSDW
The Swedish kommun of Lycksele is the latest to outsource its pension fund investment, taking a three-pronged approach appointing Swedish insurers Folksam and Carlson Investment Management for mixed domestic bonds and equities, and Morgan Stanley Dean Witter for a global equities brief.
Folksam and Carlson have both received Skr30m(£3.4m) to invest on a 60%/40% ratio in long/short term bonds and Swedish shares.
Per Erik Magnusson, head of Lycksele kommun, commented: Both managers demonstrated the required management capabilities, combined with the best value for money and were recommended by consultants Wassum."
The remaining Skr 15m of the kommun's funds have been placed with Morgan Stanley to invest in global equities, following a tender list of 14 managers for the brief."