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.
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