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Sweden’s AP7 re-tenders €4.7bn

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SWEDEN - Sjunde AP-fonden, the Seventh Swedish Pension Fund or AP7, has launched a re-tendering process for three equity mandates amounting to SEK43.9bn (€4.7bn).

The current managers - State Street Global Advisors, Carlsson Investment Management and Goldman Sachs Asset Management – have all been “encouraged” to re-apply, said an AP7 spokesperson.

He stated that all the mandates are under review due to the mandatory five-year tender laws.

Until now, State Street has passively managed roughly SEK40bn of equity funds in AP7’s SEK66bn portfolio. Carlsson has actively managed SEK700m in Swedish equities, and Goldman was involved in the active management of SEK3.2bn in European equities.

Mercer Investment Consulting will advise the scheme regarding the selection process of the Swedish and passive mandates. Bfinance will advise on the European equity mandate.

“All these three mandates will run for three years with a opportunity to extend with another two years,” AP7 told IPE.

The closing date for tenders is February 28.

In other news, AP7 is currently tendering for active currency overlay managers.

According to the scheme, this is a new tender and forms part of the SEK66bn portfolio. The closing date is February 8.

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