SWEDEN – Forsta AP-Fonden, the first Swedish national pension fund, has put out to tender two active equity mandates totalling 500 million euros.

The two mandates will be for a Pacific ex Japan equity portfolio, and a Japanese equity portfolio. Presently the two asset classes are being managed as a single passive mandate by Barclays Global Investors. The tenders follow a decision by AP1 to switch to an active strategy in those asset classes.

AP1 is considering one or more managers for the two mandates which initially total 500 million euros.

The MSCI Developed markets Pacific (total return gross dividend) is being used as a benchmark, with the subindices: MSCI Developed Markets Pacific ex Japan, and MSCI Japan.

The deadline for receipt of requests is 5 May 2003.

AP1 has 117 billion Swedish kronor (12.76 billion euros) in assets.