Gothenburg-based A-P Fonden 2 has outsourced the investment management of its Skr140bn (€15.8bn) pension assets for the first time with the appointment of seven external managers.

The changes at one of the funds within Sweden's existing Skr560bn pension system see the appointment of four domestic fund managers and three international. Sweden's financial services group SEB has secured some of the assets alongside locals Carlson Investment Management, Carnegie Asset Management and Alfred Berg Kapitalförvaltning. The international winners are State Street Global Advisors, one of the UK's largest passive managers Barclays Global Investors and Merrill Lynch Investment Managers also in the UK.