Sweden’s public pension system makes its first hedge fund investments

K2’s aggregate risk reporting ability and its ability to neutralize individual fund long positions in securities prohibited by AP7's ethical investment rules won it the mandate, says Kelsey Biggers, head of risk management at the New York-based fund, which has over $1 billion in assets under management.

Biggers says K2 was selected from a field of 127. "AP7 is kind of like the Calpers of Sweden and Europe," Biggers said. "It's one of these early adopter type of funds that is watched closely in Europe."

Biggers said meeting K2 would meet AP7’s ethical investment rules by neutralising long positions in prohibited securities through shorting or outright sales.

Biggers is founder and formerly chief executive and vice-chairman of Measurisk, the on-line hedge fund risk reporting application service provider. He joined K2 in April. Biggers said no decision had been made on whether Measurisk or some other system would be used for K2's risk reporting to AP7.

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