AP3 Investment Chief Exits | Chief Investment Officer

Gustaf Hagerud, head of asset management at AP3, the third Swedish buffer fund, has left his role ahead of a wide-ranging overhaul of Sweden’s public pension system.

In a brief statement in Swedish on its website, AP3 stated that Hagerud had joined an asset management group in London.

Hagerud had worked at AP3 for six years and was vice president as well as head of asset management. Before joining the fund in September 2008 he was head of tactical asset allocation at AP1.

Hagerud spoke to CIO earlier this summer about the proposed changes to the buffer fund system, warning of serious detriment to the AP funds if politicians push ahead with their plans. The full article can be read in the September edition of CIO Europe. To sign up for the digital edition, click here.

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Related Content:Major Shake Up for Sweden’s Pension System

The New York state pension system has entered into a $2 billion strategic partnership with Goldman Sachs Asset Management (GSAM) for global equity strategies.

This is the first partnership for the $180.7 billion New York State Common Retirement Fund (CRF). It has nearly $100 billion in its equity portfolio.

“This innovative partnership gives CRF full access to world class global equity investment opportunities and the nimbleness to take advantage of them on a timely basis,” said Thomas DiNapoli, New York state comptroller and sole fiduciary of the fund.

According to the fund’s spokesperson, the “fully collaborative relationship” has been in the works for a year and half. He confirmed GSAM’s contract is for five years—to expire on June 30, 2019—but CRF retains the right to terminate at any time.

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GSAM will advise the fund strategically by actively involving its alternative investments and manager selection group of 300 employees with CRF’s equity team. The firm said the initial focus would be “dynamic manager selection opportunities in global equities.”

The fund’s CIO Vicki Fuller said the strategic partnership would be customized to meet CRF’s diversity needs. “Working closely and creatively with GSAM’s team and their resources will extend the reach of the fund’s global investment team.”

In addition, it will provide CRF with improved reporting, evaluation, and due diligence on both current and prospective active managers.

“Identifying new opportunities is key to the continued growth of the fund’s long-term value,” DiNapoli said. “This partnership is designed to help strengthen the fund as it provides benefits to New York’s current and future public employee retirees.”

The New York pension system follows a number of other public pension funds in creating such a relationship. Funds tend to commit large allocations to custom ventures with asset management firms for more appealing opportunities and better fee structures.

Most recently, the California Public Employees’ Retirement System signed a $500 million infrastructure partnership with UBS. The Teacher Retirement System of Texas also took a $250 million stake in Bridgewater Associates in 2012 and committed as much as $3 billion each to KKR and Apollo Global Management in 2011. New Jersey’s pension system likewise entered into a $1.8 billion partnership with Blackstone three years ago.