NORWAY – Storebrand Investments, the asset management arm of Norway’s Storebrand, has named Hans Aasnæs to replace managing director Allan Åkerstedt, who resigned last month.

“Hans Aasnæs (41) has been appointed managing director of Storebrand Investments with effect from 1 February 2005,” the firm said. Aasnæs, who is currently chief investment officer, will join the Storebrand group's executive committee and report to chief executive Idar Kreutzer.

"Hans has extensive experience and a track record of successful investment management, giving him the ideal background to take over responsibility for Storebrand's investment management business,” Kreutzer said.

Åkerstedt quit because his residence in Sweden was too far from Storebrand’s Oslo base, the firm said. He had been in the role since 1997.

“The investment management unit has developed considerably during Allan's leadership, and he hands over a competent and professional organization,” Kreutzer said.

Aasnæs joined the firm in 1994. He said: “This appointment gives me responsibility for a competent and ambitious organisation which I know well.

“I look forward to developing Storebrand's investment activities in close collaboration with my capable colleagues."

Åkerstedt will receive a pension of NOK2.5m (E303,200) per year, falling to NOK1.3m after 67.