State Street Global Advisors (SSgA) has been awarded a EUR111 million equity mandate from Lansforsakringar Fondforvaltning AB, Affarsenhet Bank. The mandate has been allocated to the SSgA Global Equity Spotlight Strategy managed by the SSgA Fundamental Equity team in Dublin (formerly Bank of Ireland Asset Management).
The Lansforsakringar Fondforvaltning AB is the asset management and funds distribution business of Lansforsakringar Bank, one of Sweden’s largest banks. Lansforsakringar Fondforvaltning AB manages both retail and institutional asset with assets under management of SEK67bn as of 30 September, 2011.
"We selected SSgA’s Global Equity Spotlight Strategy due to its robust performance track record which is underpinned by a proprietary and rigorous investment process. These are essential criteria for a fund that generates outperformance through ‘bottom up’ stock selection and aims to build a concentrated high conviction portfolio with a high tracking says Eva Gottfridsdotter-Nilsson, Chief Executive Officer of Lansforsakringar Fondforvaltning AB.
The Global Equity Spotlight Strategy aims to outperform the MSCI World Index by three to four percent per annum over rolling three-year periods using a concentrated portfolio which typically holds 30 – 40 stocks.
The investment team believes that the strategy represents the best combination of long-term value and quality and the team’s best ideas globally without regard for regional, country or sector constituency. The concentrated nature of the portfolio ensures that investments are active, high-conviction positions, focused on what the team believes to be the most compelling opportunities.
"We are very pleased that Lansforsakringar Fondforvaltning AB has chosen to invest in SSgA’s Global Equity Spotlight Strategy," says Greg Ehret (pictured), SSgA’s head of Europe, Middle East and Africa. "This mandate highlights the successful integration of Bank of Ireland Asset Management and the fit of complementary strategies within SSgA’s existing range. The Global Equity Spotlight Strategy is experiencing high client interest as this type of concentrated portfolio perfectly fits within the current barbell investment approach of many institutional investors."