Fidelity, Schroders, JP Morgan sustainable funds win SEK200bn Swedish active equity mandates

The Swedish Fund Selection Agency (FTN) has announced winners for its largest ever procurement of actively managed global equity funds. Winners of the procurement include sustainable equity offerings from JP Morgan, Schroders and Fidelity.

FTN procures funds for Sweden’s public pension funds. In a statement, FTN said nearly SEK 200bn (£16.3bn) will be distributed to winning funds.

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In total, 14 funds from 12 fund managers were awarded contracts. The list includes Fidelity’s Global Equity Income ESG Fund, JP Morgan’s Global Sustainable Equity Fund and Schroders’ Global Sustainable Value Fund.

FTN declined to comment on the implications of Nuveen’s takeover of Schroders announced earlier this month.

In addition, Robeco’s Global Stars Equities Fund also won a contract. According to disclosures, the fund has set a minimum sustainable investment threshold of 50%. Another winner is Columbia Threadneedle’s Global Focus Fund. 76% of the fund is invested in companies with lower ESG materiality ratings, according to its disclosures.

Procurement process

“The interest in participating in the procurement has been exceptionally high, which has given us very good conditions to identify, in the evaluation, the funds that best comply with the mandatory requirements. All procured funds are of high quality and are now being offered to savers at attractive fees”, commented FTN chairman Mats Dillén.

The process for procuring these funds has been over two years in the making. 99 tenders were received in response to FTN’s call for funds back in November 2024.

Tenders that were submitted but did not win contracts include BlackRock’s Systematic ESG World Equity Fund, BNY Mellon’s Sustainable Global Equity Fund, the T. Rowe Price Growth Equity Net Zero Transition Fund, Northern Trust’s High Dividend ESG World Equity Fund and the Impax Global Equity Opportunities Fund among others.

Of these, on-site interviews were conducted with 27 managers. Following which an offer to reduce cost was extended to managers. A final decision was taken after 22 managers reduced fees in response. Fund managers will now be offered the opportunity to enter into agreements for the chosen funds.

“The fund range prior to the procurement was outdated and has delivered weak returns historically”, said FTN’s executive director Erik Frannson. “Savers will now have access to a quality controlled range that is aligned with current market demand. We are very pleased with this” he added.

In a final procurement report published today, FTN confirmed that average fee for its active global equity fund category was reduced by 50% and the ‘the minimum level of sustainability in the funds has been raised’.