Sweden’s Fund Selection Agency (Fondtorgsnämnden, FTN) has revealed which asset category will be the object of its first tender. It said this morning that the eagerly-awaited procurement process will concern European large-cap equity management – and run till the end of August.
The FTN, set up last summer to procure investment funds for the revamped €100bn premium pension platform, said: “The Fund Selection Agency is now sharing with the industry that the first fund category to be procured will be European large-cap (active) equities.”
It said the information was being divulged now to give the sector the opportunity to plan ahead of the procurement, as the period for submitting tenders might fall during the summer.
“The deadline for submitting tenders will be at the end of August at the earliest, for the procurement that may be announced later this spring,” it said.
The exact date would be announced when the procurement was announced, the agency said.
Although little more than three weeks of spring remain, the FTN is still within the timetable it set out last November for searches and procurements to begin in spring 2023 – a plan which foresaw around 30 procurements taking place until mid-2025.
It has already said that the first categories to be procured are European equity, active and index; global equities index; Nordic equities, active and global fixed income, but before now had given no indication of the order in which those tenders would take place.
When the reform leading to creation of the new procured premium pension fund platform was under way, it was estimated that between 150 and 200 funds would be offered – a big reduction from the approximately 500 funds currently available to premium pension savers.
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