Sparinstitutens Pensionskassa (SPK) has appointed JP Morgan Asset Management to invest in infrastructure and has also hired an unnamed real estate manager.
The SEK24bn (€2.6bn) fund for the Swedish banking sector recently overhauled its investment strategy, moving away from an approach that had 70% of assets in fixed income and the remainder in equities.
Peter Hansson, the fund’s chief executive, said JP Morgan Asset Management would be in charge of a 4% infrastructure allocation.
Hansson said the fund had also selected a real estate manager but had yet to finalise the paperwork for the appointment.
SPK has now appointed managers for all of its planned alternatives portfolios.
Hansson called the new asset allocation the “biggest change in the history of the fund”, with holdings in 10 asset classes rather than the previous two.
It plans to allocate 20% of assets to alternatives – spread across infrastructure, property, hedge funds and alternative risk premia – with 30% in equities and the remaining half of the fund in fixed income.
