Updated with correction, Nov. 8, 2011
Lansforsakringar Fondforvaltning hired SSgA to subadvise €111 million ($153 million) in global equity, confirmed Karolina Hutter-Rehrl, senior manager responsible for manager selection at Lansforsakringar's mutual fund business.
SSgA will take over subadvisory duties on the LF Global fund from Alfred Berg Asset Management, a division of BNP Paribas Investment Partners, which was terminated for performance, Ms. Hutter-Rehrl said.
Thomas Einfeldt, a spokesman for Alfred Berg, said: "Of course we are never happy when we lose a mandate," but Alfred Berg has had a long relationship with LF and runs multiple mandates for the company, so losing one "is part of the dynamics of an extensive client relationship."
Lansforsakringar Fondforvaltning manages assets for both retail and institutional clients, including its insurer parent, Lansforsakringar AB.
SSgA will manage the assets in its global equity spotlight strategy, a concentrated portfolio of about 30 to 40 stocks that aims to top the MSCI World index by three to four percentage points annually over rolling three-year periods.