SWEDEN - AP3, Sweden's SEK209bn (€22bn) national buffer fund, has appointed 14 new regional corporate bond managers.

The managers have been approved only, with no assets assigned when the mandates are activated at a later date.

The selected managers, who were chosen for their ability to deliver positive risk-adjusted returns, were judged on investment philosophy, process and proof that the process had outperformed. 

In addition, experience and stability of the organisation and fees were also taken into account.

Diversification between the managers' investment processes was also a factor.

BlackRock, Mewhinney & Strauss, Barrow, Hanley, PIMCO and Pramerica Investment Management have all been appointed managers for the US dollar denominated investment-grade bonds.

For US dollar denominated high-yield bonds, Dwight Asset Management, Guggenheim Investment Management, JP Morgan Asset Management and Columbia Management Investment Advisers were chosen, while euro denominated investment-grade bonds will me managed by AXA Investment Managers, Quoniam Asset Management and Standard Life Investments.

Standard Life was also chosen for the sterling denominated bonds, alongside Wellington Asset Management, as well as M&G Investment Management and Rogge Global Partners.

Meanwhile, life and pension insurer Folksam retuned 8.1% from January until the end of September, on par with the result from last year.

It maintained a funding level of 146% over the nine months, while its funding level increased by more than 6 percentage points to 117.2%. 

Folksam's subsidiary, KPA Pension, returned 7.5% for the third quarter, with operational profits of SEK3.6bn, down from SEK14.6bn for the same period last year.

Total AUM from KPA was SEK78bn and the solvency ratio 168%.

In other news, nearly a third, or 29%, of those who are not currently retired are worried about their future pensions in Sweden.

Most concerned were single parents, with more than half saying they were worried, according to a survey by pension and insurance provider Länskförsäkringar.

The survey also showed that the majority, some 71%, are unsure what proportion of their salary every month goes to collective occupational pensions arrangements.

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