AP3, Stockholm, issued an RFP for at least one manager to run up to a total of 4.23 billion kroner ($452 million) 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.
The 126 billion kroner pension fund is moving away from passive investments, Ms. Djurberg said.
"We havent decided the exact amount because it will be a long process of appointing managers, and the markets are very volatile, Ms. Djurberg said.
Proposals are due Nov. 11, and a selection is expected by April, she said. The search is being conducted internally.