SWEDEN - Three of the AP funds have announced major staff changes with two appointments and a departure.
Christina Kusoffsky Hillesöy, head of information, AP3, told Global Pensions: "Cecilia's departure is a very recent development and we have not yet started the process to find her replacement."
AP2 has appointed Johan Held as CIO following the fund's announcement that Poul Winslow would leave the position in April.
Held joins AP2 from Nordea Kapitalförvaltning with 22 years experience in domestic and international finance. He has also held senior positions with SEB Investment Management and was CIO at KP Pensions and Insurance.
Björn Kvarnskog is set to join AP4 in mid-July as head of global equities, a position which became vacant in February following the resignation of two investment heads at the fund.
AP4 had moved its equity holdings to a passive exposure as a result (www.globalpensions.com, 18 February 2008).
Mats Andersson, CEO, AP4, said the fund was still looking for a replacement head of fixed income and currency.
Kvarnskog has mostly recently held the position of head of European equities for DnB NOR, Norway's largest financial services group.
In its annual report, AP4 said it had stepped up its 'change initiative' following disappointing annual returns in 2007.
Andersson said a restructure of the investment team was part of these changes.
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