SWEDEN- Swedish consultant Bohman & Lindstrom has signed its first client since branching out into portfolio management and will run Sek4.5bn (e490m) for the Swedish church insurance association, the pension fund for employees of the church.

In May Bohman & Lindstrom, formerly known as Lindstrom & Partners, broadened it activities from straightforward advisory work into taking more responsibility for client’s portfolios with the launch of what it calls PAF, or Portfolio Assembling Factory.

The mandate, which represents around half the fund’s assets was previously managed by Nordea and Carlson. Remaining assets are managed by Carnegie and local manager Kammarkollegiet.

B&L will oversee the management of the Swedish fixed income mandate and managing director Richard Kiw says there is a good chance, subject to approval by the scheme’s board of directors, that the funds will be transferred to global fixed income.

B&L and its predecessor have provided the church scheme with consulting services for some time but the launch of PAF has enabled it to offer portfolio management services. Kiw says they are due to sign a handful of other institutional clients in the coming weeks.

PAF selects managers and products according to four categories- fixed income, structured instruments and active and passive equity management- and to four regions- Sweden, Europe, US and Japan.

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