AP7, Stockholm, hired AXA Rosenberg Investment Management to run a 3.3 billion Swedish kronor ($455.5 million) active European equity portfolio that aims to beat the FTSE All World Europe benchmark, according to Svante Linder, head of fund management. AP7, with total assets of about 67 billion kronor, funded the new manager by terminating IXIS Asset Management, which ran the money in European equities. "We were not 100% pleased with the performance," Mr. Linder said.
Christian Silianoff, head of communications for IXIS, did not respond to requests for comment by press time. Mercer Human Resource Consulting advised.