AP3 is introducing organisational changes from June 2008 as part of its previously announced strategy to separate beta (market exposure) from alpha (active risk) in asset management operations. The changes mark a transition from an asset management structure based on asset classes (equities and fixed income) to one based on alpha and beta management.
Asset management will be divided into two groups: a beta group and an alpha group.
- The beta group will comprise all staff involved in internal and external beta management, including equity and fixed income management and fundamental-based passive, enhanced and equally weighted equity mandates.
- The alpha group will comprise all staff involved in internal and external alpha management of Swedish equities, fixed income, foreign exchange, tactical asset allocation mandates, active equity mandates and global tactical asset allocation mandates.