AP7, the Seventh National Pension Fund in Sweden, is revamping its structure in May 2010 - and hedge funds may or may not fit in. Last year, AP7 appointed Goldman Sachs as its replication provider and was using an absolute return tracker for its investments. One of the reasons for the move was cost and the disappointing performance of the fund of hedge funds portfolio.
Following a recent government directive, AP7, which currently manages the premium choice and default funds, will be replaced by May 2010. Management, headed by Peter Norman, executive president,