The fourth Swedish state buffer pension fund has selected three managers to run a passive global equity portfolio, a week before it is expected to announce that it suffered a negative return for the first half of the year.

AP4 has appointed Barclays Global Investors, BlackRock and State Street Global Advisors, although it said it had yet to decide on how much each firm would manage. It would also not confirm the amount of the overall mandate before releasing its half yearly financial report next week.