AP7 selects 2 currency managers

AP7, Stockholm, hired two active currency managers to run accounts with a total nominal value of about 15 billion Swedish krona ($2.1 billion), said Svante Linder, head of fund administration. Informed Portfolio Management is running 9 billion krona and Lee Overlay Partners, 6 billion krona. Both managers are allowed to invest in major developed market currencies and will target a return of 1% above the notional amount of their portfolios. The appointments are AP7’s first foray into active currency management.