International asset managers have missed out on directly managing pension money worth about Skr25bn (€2.8bn) a year following the establishment of a new private-sector pensions body in Sweden.

The new defined-contribution occupational plan, known as ITP, was agreed between union and company managers this summer and is tendering for investment providers. The administrator, Collectum, has drawn up a shortlist of 22 Swedish groups. Mats Langensjö, managing director of Aon Sweden, said: "Foreign managers have not spent much time in Sweden and are missing out. Some may be able to come in on a sub-advisory basis, running international money on behalf of the Swedish providers." The ITP plan is intended to replace the plan for Swedish white-collar workers, run by insurance group Alecta. The blue-collar scheme is administered and run by insurance group AMF. During the first year about €58m will be paid in but, as the plan matures, assets under management are expected to reach about €2.8bn a year. Under ITP, employees can choose the form of saving and the fund manager for about half their assets. The remainder must be in traditional insurance products. It is intended for launch on July 1.