AP3 taps Aksia for operational due diligence on hedge fund managers

Third Swedish National Pension Fund hired specialty hedge fund consultant Aksia to perform operational due diligence on hedge fund managers and select other managers, confirmed Mattias Bylund, the fund’s chief risk officer, in an e-mail.

Aksia is the fund’s first due diligence provider for its 8.3 billion Swedish kronor ($1.3 billion) hedge fund portfolio, Mr. Bylund wrote. The consulting firm will provide AP3 with operational due diligence services such as review and assessment of the non-investment-related activities of the firm, such as accounting and technology systems, front-and back-office operations and client support activities.

Separately, AP3 returned 10.7% for the one-year period and 6.7% annualized for the 10 years ended Dec. 31, according to the most recent investment report on the fund’s website.

As of Dec. 31, AP3’s assets totaled $35.8 billion, up 8.1% from $32.9 billion a year earlier, according to the online report. Contributions to the Stockholm-based fund totaled $582 million in 2012.