Searches and Hires

AP7 seeks equity, currency managers

updated with correction

AP7, Stockholm, is looking for active managers to run a 20 billion Swedish kronor ($2.2 billion) equity portfolio, according to a notice on European procurement website Tenders Electronic Daily.

The 426 billion kronor pension fund will hire between six and 10 managers running U.S. equity, European equity and Japanese equity strategies, as well as global or multilocal strategies. AP7 also intends to hire a currency manager. Consultant PPCmetrics is assisting with the search.

AP7 will consider the managers in five lots and could award up to 10 billion kronor per lot. The total amount per lot will be divided between a minimum of one and maximum of three managers, a spokesman at PPCmetrics said in an emailed comment.

Each contract will last three years, with the option for two two-year extensions. Proposals are due by 5 p.m. Central European Time on Dec. 26. AP7 will make a final selection after May 22.