The Skr130bn (€14.6bn) AP Fonden 3, one of Sweden's four national pension funds, has appointed three new index tracking investment managers and a new global custodian.

Merrill Lynch, which is better known in Europe for its active management expertise despite having a respected quant/passive investment team in the US, will be run a US equities mandate for AP Fonden 3. State Street Global Advisors will be handling a Japanese and a European equity mandate. Barclays Global Investors will also manage money for AP Fonden 3, however the remit has yet to be agreed.