AP7, Stockholm, hired Impax Asset Management Group and KBI Global Investors to run a total of 3 billion Swedish kronor ($348 million) in a green impact active equities allocation, said a spokesman for the pension fund.
Each manager will run 1.5 billion kronor when fully invested.
The investment is a new strategy that moves part of the pension fund's investments to "green" from "brown companies," the spokesman added. The fund excluded six companies last year "and the amount was about the same size as this green impact mandate targeted at companies that contribute to the solution of climate-related problems," he said.
The 426 billion kronor fund launched a search last May for two to four managers to run the assets. A notice at the time, filed with European procurement website Tenders Electronic Daily, said contracts would run for three years, with two optional two-year extensions.
