Bank of Sweden Tercentennary Foundation, Stockholm, hired managers for global equity and U.S. small-cap equity portfolios, said Lars Erik Klangby, director of finance for the 6.5 billion Swedish kronor (U.S.$800 million) fund.
Baring Asset Management Ltd. was picked to run a $55 million global equity mandate, while ABB Investment Management was selected to manage a $10 million U.S. small-cap equity portfolio. The hires were funded from cash and designed to provide diversification for the internally managed foundation.
The foundation's asset mix is 50% stocks, 40% fixed income and cash, and 10% real estate. No consultant was used.