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Swedish Pension Fund Mandate

Swedish Pension Fund Mandate

Swedish Pension Fund Increases Allocation to Hedge Funds

The largest Swedish state fund has decided to increase its allocations to hedge funds. AP1, a fund contributing to the national pension fund is going to increase its allocations to hedge funds to Skr14.4bn (USD 1.88 billion) of its Skr202.4bn in assets.

AP1, the first AP fund, which contributes to the Swedish state pension system, has begun searching for hedge funds to manage up to Skr14.4bn (€1.5bn) of its Skr202.4bn in assets, according to a request for proposals on its website yesterday.

The move comes almost 18 months after AP1 announced it would cut its staff by about a third and radically alter its investment style following poor performance in 2008 pulling the value of its assets down by almost Skr50bn.

Allocating an additional Skr14.4bn would more than double the Skr10.3bn - around 5% of the fund - in assets the fund held in a spectrum of alternatives, including private equity and real estate, at the end of 2009.

At the end of 2009, the fund held just Skr385m in one hedge fund - Cevian Capital, a Swedish activist fund that mainly acquires significant minority ownership positions in listed companies in Germany and the Nordics, the pension fund's annual report said. Source




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