SWEDEN - The global consulting company Aon has closed its investment strategy consultancy business in Stockholm, following the departure of both Mats Langensjö and Martin Källström.

IPE reported yesterday Källström, previously head of investment consulting and capital markets for Aon in Stockholm, has joined the Swedish AP1 pension fund as senior portfolio manager.

In August, Langensjö, managing director at the Stockholm office who helped set the branch up in September 2004, left to take a newly-created role as head of institutional business for the Nordic region at Pioneer Investments, and opening a new office in Stockholm for the asset management house.

Asked if Aon is looking for their replacement, a spokesman for the Swedish firm told IPE all investment consultancy would now be done via the London office.

"The client wants the best consultants and doesn't really care if they come from London or elsewhere," he said.

He added: "Much of the business previously conducted for clients, when Mats and Martin were still here, was done through the London office."

Describing the London branch "a Centre of Excellence", the spokesman was adamant the move would not entail any disadvantages for clients or for the remaining staff in the Stockholm office.

Langensjö and Källström were the only two working on investment strategies, and no more people are expected to leave the company, according to the spokesman.

"We still have the pension, the global benefits and the health & benefit practices; it was just a business decision to work with the centre of excellence, so we have the knowledge somewhere else."

In February this year, Close Investments acquired Aon Asset Management, Aon Consulting's UK-based multi-manager arm for an undisclosed sum.

Close said it would combine the firm with its own multi-manager operation, Close Teams, to form Close Multi-Manager, which will have funds under management of around £2bn (€3bn).

Aon Asset Management's head Adrian Swales was named chief executive of Close Multi-Manager, following the retirement of Stuart Gordon, the current head of Close Teams.

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com

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