SWEDEN - William af Sandeberg is stepping down as chief executive of the largest Swedish buffer fund  AP1.

A spokeswoman told IPE Sandeberg has informed the board about his wish to retire so the SEK207.1bn (€22bn) fund is looking for a successor.

"He announced that he wants to leave AP1 after 2007," she said.

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

In 2006, the fund outperformed its benchmark by 0.6 percentage points, reporting a return of 9.8% before expenses.