| Two Weeks in Mandates: AP1 appoints private equity managers |
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| 18.06.2006 | |
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Sweden's First National Reserve Fund, AP1, has appointed a series of private equity managers. LGT Capital Partners has been awarded a mandate in small and mid-sized buy-out funds and venture capital funds in Western Europe, WP Global Partners has gained a mandated to invest in small and mid-sized buy-out funds and venture capital funds in North America, while Pacific Corporate Group has won a mandate for large buy-out funds in North America and/or Western Europe. AP1 stated: "In accordance with this decision the managers have been approved for discretionary management of private equity for Första AP-Fonden. Funding will be decided separately. Standard Life, Wilshire and Hamilton Lane have also been approved managers, but will not be funded presently." The reserve fund also said that all future fund raising initiatives from private equity funds should be directed to the relevant private equity manager. Still in Nordic country, ABN AMRO Asset Management said it has been awarded an additional SEK 2 billion by the Swedish National Debt Office (SNDO) as a result of "continued out-performance". The total size of the mandate is now SEK8bn. In 2001, the SNDO appointed six external managers with identical mandates in order to spread their risk of active management. ABN Amro is one of the two last original managers. The London Borough of Redbridge has selected Standard Life Investments to manage a £95m UK bond portfolio. The Torfaen County Borough Council has awarded three specialist UK equity mandates on behalf of the Torfaen Pension Fund to Lazard Asset Management (£200m), State Street Global Advisors (£100m) and Standard Life Investments (£50m). The £730m Clwyd Pension Fund, administered by Flintshire County Council, has given the nod to Aberdeen Asset Management for a £27m Asia Pacific (ex-Japan) equity mandate. On the investment services front, the £22bn Royal Mail Pension Plan has consolidated £2.2bn of assets with JPMorgan Worldwide Securities Services in a move to bring all of its segregated assets under one global custodian. JPMorgan has acted as global custodian for Royal Mail Pension Plan since 1999. Finally, IPE reported that the Nordrheinische Ârtzeversorgung (NAEV), a €7.5bn pension fund for German physicians, has awarded Goldman Sachs Asset management a global tactical asset allocation mandated of €60m. J.L. |
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