SWEDEN - AP3 chief investment officer Erik Valtonen is to step down after 10 years with the fund.
Valtonen said he would leave the 208.6bn Skr ($29.6bn) pension fund on 30 September to pursue new opportunities.
However, he will continue to work alongside chief executive officer Kerstin Hessius in a strategic advisory role and will be involved in a range of internal projects until June 2011.
"I have been here 10 years, it's been fun and stimulating," Valtonen told GP.
"We were the first in the world to implement alpha/beta separation and in the past two years we have moved our thinking from asset allocation to risk allocation.
"I have had a good journey but it is time to move on to new challenges. I have promised to work until mid next year, which will ensure a smooth transition for the rest of the team."
Hessius said: "It's very sad that Erik Valtonen is leaving us. He has played a crucial role in developing the fund's strategies and asset management. Erik has extensive knowledge and expertise that has been key to positioning AP3 as a modern and cost-effective fund manager."
AP3 said it would announce a replacement CIO in due course.
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