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First Swedish National Pension Fund | Published October 10, 2015 - Deadline November 28, 2015
AP1 is 1 of the buffer funds within the Swedish Pension system. The fund has 297 000 000 000 SEK in assets under management (as of 30.6.2015).
AP1 is reviewing the manner within which it implements its external investment mandates within the equities and fixed income (long only) with a view to achieving 6 main goals:
— Improved implementation: The in-house investment team spends a significant proportion of their time undertaking non-investment orientated tasks.
— Improved data: The security level data AP1 receive from the investment manager can be varied in its quality, format, frequency and accuracy and much of the in-house investment teams resource is spent clarifying this information.
— Independent manager selection: AP1 has an experienced in-house investment team and we wish to continue to supplement this team's skill with independent investment manager research. As well as independent manager research Client is looking to manage counterparty risk through a detailed operational risk review of all third party investment managers.
— Operational risk management: There are numerous third parties involved in the implementation and oversight of our external mandates and AP1 are considering a solution to consolidate the oversight of these service providers.
— Integrated risk management: AP1 has a combination of internal and external risk systems and the desire is to integrate information into these systems as far as is practically possible.
— Cost reduction and transparency: The desire is to increase the transparency of all expenses associated with the investment and to reduce the long-term expense.
The investment services provider must be able to document experience in the management of the above or similar solutions. The provider must be able to meet the following minimum criteria at the time of submission:
— Independent Investment Research: Global investment manager research team which advises clients of a similar size to Client,
— Proven experience researching transition management service providers,
— Proven experience researching custodial service providers,
— No in-house management of individual securities,
— Independent Operational Research Team: A dedicated global operational research team which advises client of a similar size to Client,
— On-line access to investment manager research and operational risk reviews,
— Global operational infrastructure,
— Demonstrable experience in implementing multi-manager multi asset portfolios,
— Currently running a fully integrated solution including manager research, advice, operational risk review, portfolio risk management (based on security level data), implementation and oversight of all third parties and integration with in-house risk systems,
— Proven success in reducing explicit costs from third service provider (including but not limited to asset managers, custodians etc.).