Swedish AP3 Appoints Replacement CIO | Chief Investment Officer

Marten Lindeborg Mårten LindeborgThe third Swedish pension buffer fund has promoted its head of asset management to replace CIO Kerim Kaskal, who will leave at the end of next month.

Mårten Lindeborg has been appointed CIO and deputy CEO, effective today, the SEK 288.3 billion ($34 billion) fund announced on its website.

“Mårten has made a major contribution to developing the fund’s asset management strategy and has built a strong team with a stringent risk management framework,” said Kerstin Hessius, CEO of AP3. “He has also consolidated the fund’s strategy in sustainability issues in the context of the total portfolio.”

Lindeborg joined the fund in 2009 as head of strategic allocation before taking his most recent position at the end of 2014. He worked previously for DNB and Skandia as a portfolio manager and head of tactical asset allocation.

The Swedish pension system is going through a period of uncertainty as its government is consulting on plans for an overhaul of the AP fund system, which consists of four large asset pools (AP1, AP2, AP3, and AP4) and a smaller, specialist private equity investor (AP6). Its proposed new structure would see AP6 shut down and its assets rolled into one of the remaining funds. Another of the larger funds also faces closure.

AP3 announced Kaskal’s departure in August. He is leaving to launch his own asset management firm after two years in the role.

This month, AP1 CIO Mikael Angberg talks to CIO Europe about his fund’s award-winning governance structure and new investment processes. Sign up to receive the magazine now.