AP3 in Sweden has found a replacement for the chief investment officer it is losing to Alecta in January – hiring Jonas Thulin, currently CIO of Erik Penser Bank, just in time for him to take the reins from Pablo Bernengo in January with a few days’ handover.

The SEK491.5bn (€42.3bn) buffer fund – one of five backing the main part of the Swedish state pension – said today Thulin would take up the position by 4 January 2024 at the latest, succeeding Bernengo who is to leave by 7 January at the latest.

Bernengo was poached by Sweden’s biggest occupational pension provider, Alecta, in August.

Staffan Hansén, AP3’s chief executive officer, said Thulin was passionate about asset management and the financial markets, had worked with a wide range of different asset classes and had extensive knowledge about sustainability.

Jonas Thulin at AP3

Jonas Thulin at AP3

“Jonas is a good and communicative leader with excellent skills for further developing our asset management,” he said.

Thulin, who has worked at Nordea as head of asset allocation, head of global alpha strategy as well as having had period as head of strategy and research, said he was looking forward to the new job.

“AP3’s important role for the public pension system is particularly exciting, and I look forward to further develop and refine the management together with my colleagues, with their extensive expertise and knowledge,” he said.

Thulin has also lectured in economics at Stockholm University as well as at the University of Queensland in Australia.

AP3 is still trying to fill another key investment role, with its head of equities, Magnus Tell, soon following Bernengo to Alecta, which has seen several top positions become vacant amid a crisis over failed and failing investments this year.

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