SWEDEN - Following poor 2007 annual returns, the fourth AP fund (AP4) has confirmed its head of global equities and head of fixed income and currency have quit.
Mats Andersson, CEO, AP4, told Global Pensions: "The two managers decided to leave a few weeks ago, it was their own decision. We are now looking for their replacements."
Andersson said he would be assuming responsibility for the fixed income and currency portfolio in the interim period.
He added the new structure of the global equities portfolio would depend on who was hired into the position.
AP4's equity portfolio only achieved a 1.8% return across the year following a 14.7% return in the first half of 2007.
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.
Upon the release of the annual report, Andersson concluded: "The fund's problem is that active management performance - the capacity to outperform the market measured as index - remains negative."
The fund reported all returns made in the first six months of 2007 had been wiped out in the second half of the year raising the overall value by SEK6.8bn (US$1bn) to SEK207.3bn.
The fund had reached SEK214.2bn at the end of June 2007.
Anders Çºrjes, who headed up global equities, and Leif Hässel, head of fixed income and currency, both resigned before the fund's annual report was released to the press, according to Andersson.
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