A-P Fonden 3, the third Swedish national pension fund, has appointed Axa Rosenberg and Batterymarch to handle two equally sized US small and mid cap equity mandates totalling $380m (€325m).

Around 12% of AP3' s overall portfolio is currently allocated to US equities, on a passive and enhanced basis. The fund now feels it has sufficiently researched the US equity manager market to invest in the small and mid cap sectors on an active basis.