AP1, Stockholm, hired six managers to run a total of 8.7 billion Swedish kronor ($1.21 billion) in emerging market equity strategies, according to its semi-annual financial report released today. The restructuring is aimed at generating higher investment returns.
Merrill Lynch Investment Management is managing a 3.5 billion kronor passive portfolio that will be converted into an enhanced mandate, said Nadine Viel Lamare, head of corporate communications for the 188.2 billion kronor national pension fund. No further information was available.
The active managers are: AllianceBernstein, managing a 1.56 billion kronor portfolio; Emerging Markets Management, 1.55 billion kronor; Aberdeen Asset Management, 1.36 billion kronor; PanAgora Asset Management, 466 million kronor; and Marvin & Palmer Associates, 282 million kronor.
Funding came from terminating UBS Global Asset Management, which ran the entire amount in passive emerging markets equities, Ms. Viel Lamare said.
