SWEDEN – The 22.9 billion euro AMF Pension says it has named Göran Tunhammar as its new board chairman, replacing Olof Ljunggren who is stepping down after eight years.

The appointment follows a –10.2% return on assets in 2002. Tunhammar is to leave his position as chief executive of the Confederation of Swedish Enterprise, where he is to be replaced by Ebba Lindso. Lindso has also joined the board of AMF.

Stockholm-based AMF is 50-50 owned by the Confederation of Swedish Enterprise and the Swedish Trade Union Confederation and has around 2.8 million customers.

The appointment comes as AMF has set in place a new strategy. Chief executive Christer Elmehagen says in a review of 2002 that AMF has “prepared a new strategy for the entire corporation”. He notes that AMF has became the biggest player in the central government employees' pension choice initiative.

“This business strategy assures that we can continue on the successful journey that has made AMF Pension the leading player on the Swedish pension market,” Elmehagen added.

Outlining a strategy to expand into high-volume products for corporate and private customers, Elmehagen said that the “challenges that await us necessitate humility”.

AMF has made an average return over the last five years of 7.2%. Over 10 years, returns average 12.6%, while on a 15-year timeframe they average 12.1%.