SWEDEN – The 142 billion-crown (15.6 billion-euro) Tredje AP-fonden says fixed income and foreign exchange head Lennart Nordkvist is leaving to join Morgan Stanley.
Nordkvist is the latest senior manager to leave AP3 in recent months, following the departure of chief executive Tomas Nicolin, and deputy CEO and chief investment officer Niklas Ekvall.
Nordkvist joined AP3 in 2000 and was previously head of securities trading at Stora Financial Services, according to the fund’s 2003 annual report.
He will be replaced by Lars Orest, the fund said in a statement. He has been a portfolio manager at AP3 since 2000 and was previously head of FX reserve management at the Riksbank.
Last week the fund named Kerstin Hessius, president of the Stockholm stock exchange, as Nicolin’s replacement.
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