Teresa Isele, who’s been in charge of AP1 since late last year, says the ultra-low rate environment has forced the fund to cut its mid-term return target to 3 percent from 4 percent.
The move suggests that the Swedish Riksbank’s momentous decision to end half a decade of negative rates late last year isn’t doing much to lift the prospects of the country’s pension industry. When it comes to the outlook for returns, Isele says AP1 has “low expectations on most asset classes” for the coming 10 years.
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