SWEDEN - AP2 CIO Petter Odhnoff has left the e18bn fund after an audit by Swedish tax authorities.
The audit revealed Odhnoff had been engaged in a number of transactions connected with an account in a foreign bank, as well as certain shareholdings, which had not previously been declared for tax purposes, nor reported in compliance with the fund’s guidelines on share transactions.
Odhnoff left after discussions with the fund’s CEO and board of directors, and he said: “I understand that confidence in me will have been undermined by my actions, especially in view of my responsible position as a senior manager in charge of other personnel. As a result, and in consultation with the CEO and the board of directors, I have decided to resign from my post.”
AP2 CEO Eva Halvarsson insisted his departure was mutual, but added she was disappointed. “Nevertheless, I and the fund’s board of directors feel that Odhnoff, in light of what has happened, must resign from his post.”
AP2 head of asset allocation Tomas Franzén and head of equities Poul Winslöw will take over Odhnoff’s responsibilities within the fund’s executive management, with Winslöw appointed acting head of day-to-day portfolio management.
By Damian Clarkson
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