Sweden’s new Fund Selection Agency (Fondtorgsnämnden, FTN) said the successful asset managers in its €11bn first tender for the reformed funds platform in the Premium Pension System will be revealed at the end of the first quarter next year.
The agency announced on Friday that with the passing of the deadline for submissions in its tender for actively-managed European large/mid-cap equity funds the day before, it had now opened tenders and was starting to examine and evaluate them.
“The evaluation is expected to be completed and award decisions announced at the end of Q1 2024,” the FTN said.
Absolute confidentiality currently applied to all information regarding the tenders, it said, which meant no information regarding them would be disclosed until after the award decision has been announced – or the procurement, where applicable, had been completed in another way.
The FTN has a goal of carrying out around 30 procurements by the middle of 2025.
It admitted last November that pace was ambitious, and said it would prioritise quality over the schedule it had set for itself.
The deadline for the inaugural tender was extended twice due to the volume of questions coming in from asset managers and the clarifications the agency made.
Although no order has yet been given, the FTN said last November that the first fund categories to be procured would be European equities (index and active), global equities (index), Nordic equities (active), and global fixed income.
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