ETFs challenge the fund market’s administrative frictions

Bliwa’s investment function is organised as a small, integrated team in which Fredrik Fors, as head of investment management, works closely with a colleague whose responsibilities combine investment-related activities with finance, accounting and administration. The portfolio is managed on the basis of proprietary assessments and models, with an emphasis on long-term diversification and complementary exposures. The allocation anchored in fixed income and alternatives with a small fraction of equities. The alternative allocation may include property, forestry and other real or alternative assets. The team is also assessing exchange-traded funds (ETFs) as a transparent and liquid complement to traditional funds. For