By Pirkko Juntunen
Investor appetite for hedge funds in the Nordic region does not seem to have diminished despite the underperformance and scandals that have dogged the industry in the last few years. That said, the scandals have resulted in some institutional investors with high ethical standards steering clear of the industry.
Första AP-Fonden, the First Swedish National Pension Fund (AP1) and one of the national Swedish buffer funds, however, is well known for its high ethical standards and requirements and is still planning to take a step into the hedge fund world. AP1, along with the other three Swedish buffer funds, has always been a pioneer in the area of environmental, social and ethical investments. Jointly the four funds created the Ethical Council, which uses its guidelines to monitor the investments.
AP1's ongoing tender is one of the most recent and most public searches for up to...