SWEDEN- AP3 has lost its head of equities following a change in strategy in its global equities portfolio.
Anders Olsson, who joined AP3 at the start of the year, quit after the pension fund announced that it was increasing the level of active risk management throughout its benchmark portfolio.
A global equity group will now assume full responsibility for all equity mandates, including all regions and management styles.
An AP3 spokeswoman said: “Anders left the fund as he felt that he was not the right person to lead the new strategy.”
This latest departure is likely to be a fresh blow for AP3 which lost its entire top management over the last 18 months. Olsson was recruited from Nordea’s financial institutions division after former head of equities Magnus Eriksson left to join MGA Holdings.
In November last year, AP3’s CEO Kerstin Hessius announced a new executive management team headed by Kerim Kaskal who was named as head of asset management.
Kaskal will now assume charge of Olsson’s portfolio and AP3 said that it was not looking to replace Olsson “immediately”.
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