SWEDEN – The council of Danderyd’s municipality within greater Stockholm has split its investment assets into two roughly equal global balanced mandates.
Stockholm based Länsförsäkringar Wasa has been awarded SEK160m (e18m) and Skandia owned Carlson Investment Management has also picked up SEK160m from the authority.
Both of the portfolios will be divided between domestic and foreign assets, says Håkan Jakobsson, chief financial officer at the municipality.
Half of all investments will go into Swedish bonds, one fifth of assets are to be allocated to domestic equity and the rest will be split between foreign equities and bonds.
The local authority declined to comment on the choice of the managers.
The council was advised by Stockholm based Wassum Investment Consulting.
Länsförsäkringar Wasa has SEK130bn of assets under management.
Carlson Investment Management has around SEK400bn in assets.