Swedish insurance giant Skandia has picked up a raft of new Swedish investment mandates worth around SEK600m (E70m), following a joint tender process held by the kommuns of Oxelösunds, Nyköpings and their respective county (landstinget) office of Sörmland.
The group’s recent purchase of Carlson Investment Management has received the seal of approval from a further two authorities, Landstinjet Halland (SEK300m) and the Kommun of Laholms (SEK43m), which, as part of their legal three year review, have decided to keep their assets with Carlson.
Annika Hansson, chief economist at Oxelösunds kommun says the pension fund will place an initial SEK5m with Skandia to be invested in international equities and bonds, increasing this to SEK24m over three years.
Lennart Ekebring, financial director at the Nyköpings kommun pension fund, which will invest around SEK200m, comments: “Skandia fulfilled all our requirements which included historical performance, procedures and organisational skill as well as the need for a high level of insurance background.
Ekebring notes that the investment is solely through investment funds and that international portions will be benchmarked against the MSCI World net index.
Thim Larsson, chief financial officer at Landstinget Sörmland, says the fund has transferred an initial SEK130m to Skandia and next month will switch a further SEK100m with another SEK60-70m.
The three funds used Capital Research as consultant for their joint tender and received 17 expressions of interest for the mandates. Hugh Wheelan