Danish Pension ATP Names Mikkel Svenstrup CIO

$133 billion program poaches top investor from P+.

Denmark’s Arbejdsmarkedets Tillægspension (ATP) pension has named Mikkel Svenstrup as its new CIO to oversee the fund’s more than DKK900 billion ($133.3 billion) in assets.

Svenstrup, who will assume the role March 1, 2020, replaces former CIO Kasper Ahrndt, who left in September to become CIO of the DKK576 billion PFA pension. He joins the fund from P+, which is the administration cooperation of the pension funds JØP and DIP, where he has been CIO for the past three years.

“We have conducted a rigorous recruitment procedure, and Mikkel Svenstrup embodies the skills and personal qualities required to succeed in the position as Chief Investment Officer at ATP,” ATP CEO Bo Foged said in a statement. “He brings with him not only an impressive theoretical foundation, but also deep insights and solid practical experience from all the core investment disciplines.”

Svenstrup, 45, holds a master’s degree in mathematics-economics and a Ph.D. in financing from Aarhus University. Prior to P+, he was a director at Nordea Markets for more than four years and was executive director at UBS Investment Bank.  He also is a former director at Barclays Capital.

“I am proud and honored to be heading an investment department which has been recognized as one of the best in Europe for several years,” said Svenstrup in a statement. “In addition, I look forward to contributing to shouldering ATP’s societal responsibility, including working on the future development of ATP’s business model.”

ATP recently reported record investment returns for the first three quarters of the year, generating DKK36.9 billion before costs and taxes. That was the equivalent to a rate of return of 40% relative to the bonus potential at the start of the year, the group said. The fund also has had average investment portfolio returns of 17.6% during the past five years relative to the bonus potential at the start of the year. The investment portfolio has reported positive returns in 16 of the past 20 quarters.

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