SWEDEN - Johan Magnusson, currently the global head of Swedish SEB Investment Management, will succeed exiting AP1 chief, William af Sandeberg.

Magnusson joined SEB in 1998 as part of the acquisition of ABB Investment Management, where he was head of Swedish operations.

Sandeberg, 61, announced last June he would be stepping down as chief executive of AP1, at  SEK221bn (€24bn) Sweden's largest buffer fund.

A spokeswoman told IPE Sandeberg had informed the board about his wish to retire last spring and the fund had been looking for a successor ever since.

Sandeberg, 61, has been he head of the Första AP-fonden since 2002. Prior to that, he worked for the Swedish bank SEB.

In November, the fund hired Martin Källström who left Aon Consulting's Swedish practice where as was head of investment consulting and capital markets to join the fund as senior portfolio manager.

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