AP3, Stockholm, with 16 billion euros ($15.8 billion) in assets, hired active managers Capital International and Schroder Investment Management to jointly run $141 million in Japanese equities, and J.P. Morgan Fleming Asset Management to manage $102 million in Asia-Pacific equities, said Pernilla Klein, spokeswoman. Funding came from terminated manager State Street Global Advisors, which ran $243 million in an equity portfolio pegged to the FTSE All-World Developed Asia-Pacific index.
"These are new mandates. ... We started to replace indexed managers with active in the last year," Ms. Klein said.
The plan also may hire other active managers to replace its current passive European and U.S. equities lineup, she said. Plan officials declined to comment on the schedule of changes or which money managers stand to be terminated in the future.
