Swedish regional fund reappoints Carlson IM
SWEDEN- Swedish regional authority pension fund Landstinget Västernorrland has reappointed Carlson Investment Management to run its Sek270m (e29m) domestic equity and bond portfolio. As a public body, the fund is obliged to re-tender its mandates every three years under EU legislation.
According to P.O Öst, head of institutional marketing at Carlson, fifteen managers replied to the RFP and were all local with the exception of ABN Amro and Nordea. The re-tendering process began half way through last year.
Ost says it is far from assumed that, as an incumbent manager, you are automatically reappointed. Several of the regional authorities began to part-finance their schemes in 1996 meaning that many of the re-tenders began in late 1999.
“Quite a few of the regional authorities have actually switched managers during their renegotiations,” says Öst.