SWEDEN - The SEK92.2bn (€9.5bn) AP7 fund, one of the Swedish national buffer funds, has hired Amundi and Axa to manage two of its Alpha portfolios.

The two mandates, which have yet to be finalised, are expected to be valued at SEK2bn, Richard Gröttheim, the fund's deputy executive president, told IPE.

"Both of them have been traditionally long-only managers for some time," he said, explaining that, following AP7's switch to an alpha-beta separated structure, he was happy to see the companies willing to continue with a different assignment.

Axa will look after part of the buffer fund's European investments, while Amundi will manage a mandate targeting Japan.

Earlier this year, AP7 appointed Nomura Asset Management to run an alpha investment strategy for Asia and Japan.

"Nomura is still with us, so we will have two for Japan and two for European equities," Gröttheim said.

Historically, AP7 has always run two mandates in the region.

Topics