AP3, Stockholm, is searching for a U.S. investment-grade corporate...

AP3, Stockholm, is searching for a U.S. investment-grade corporate fixed-income manager to run at least $150 million, said Thomas Nicolin, managing director of the 134 billion kroner ($13.2 billion) fund, one of four Swedish state pension reserve funds set up late last year. The fund wants to reduce its exposure to domestic fixed income, which accounted for more than 50% of total assets at the end of 2000. Funding will come from a domestic government bond portfolio managed in-house.