AP7, Stockholm, hired eight managers to run seven active equity strategies and two active currency portfolios, each with a notional value of between 2 billion Swedish kronor ($307 million) and 3 billion kronor, according to fund spokesman Johan Floren.
The 125 billion kronor fund hired Carnegie Asset Management to run two pure alpha equity strategies, while Amundi, Invesco, Nomura Asset Management, Sumitomo Mitsui Asset Management and UBS Global Asset Management will each manage a similar cash-neutral equity portfolio. State Street Global Advisors and Macro Currency Group will manage the currency strategies.
Funding for all managers came from reallocating assets from previous pure alpha strategies managed by Amundi, Carnegie, Nomura and UBS, along with Danske Capital, which was not rehired. Informed Portfolio Management, also not rehired, previously had managed a pure alpha currency mandate.
The search initially began in spring 2012, and investment consultant Kirstein A/S advised.