AP3, Stockholm, is continuing its move away from passive investments. The 126 billion kroner ($13.4 billion) pension fund is searching for at least one manager to run up to a total of 4.23 billion kroner in active European small-cap and midcap equities. Funding will come from reducing a 5.6 billion kroner passive European equity portfolio managed by State Street Global Advisors, said Lena Djurberg, portfolio manager.
"We haven't decided the exact amount because it will be a long process of appointing managers, and the markets are very volatile," Ms. Djurberg said.
A selection is expected by April, she said. The search is being conducted internally.