AP1, Stockholm, issued an RFP for active Japan and Asia-Pacific equity managers to run a total of 500 million euros ($536 million), said Nadine Viel Lamare, director of public relations. The search is the first stage of the 14 billion euro schemes move into active externally managed equities, Ms. Lamare said. Funding will come from reducing a passive global equity fund run by Barclays Global Investors; the size of that portfolio was not available.
Investment managers must submit separate proposals for each portfolio, but the scheme may appoint one firm to manage both portfolios, she said. Proposals are due May 5, and a selection is expected by September. Mercer Investment Consulting will assist.
More searches are expected this year, including searches for managers to run active European and U.S. small-cap equities, she said. Details on those searches have not been finalized.