SWEDEN - AP2 chief investment officer Johan Held has resigned after nearly 18 months to join AFA Försäkring, an insurance company owned by Sweden's labour market parties.
He will be AFA's new CIO, replacing Lars Öhrstedt who is retiring in the first half of 2010. However, AFA's spokesman Rolf Eriksson said no starting date has been agreed yet.
AP2 has not decided yet who will take over Held's role. Spokeswoman Ulrika Danielson said the intention is to replace Held as soon as possible. She said AP2 had already started a recruitment process.
The fund returned 6.4% in the first half of the year as its heavy weighting in equities lifted returns (Global Pensions, August 25, 2009).
AP2 invests 35% in international equity and fixed income each. The system also allocates 18% to Swedish equities, 5% to emerging markets equities and real estate each, and 1% each to emerging markets fixed income and private equity.
AFA Insurance is owned by the Confederation of Swedish Enterprise, the Swedish Trade Union Confederation (LO) and the Swedish Federation of Salaried Employees in Industry and Services (PTK).
It has SEK190bn (US$27.3bn) under management and it insures employees within the private sector, municipalities and county councils.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.