SWEDEN – AP3’s Mats Andersson has been named the new head of Skandia Kapitalförvaltning, Skandia Asset Management, according to Skandia’s web site.

Andersson, 49, is the latest to leave the 142.5 billion-crown (15.5 billion-euro) Tredje AP-fonden, following the departure of its two top managers recently. Chief executive Tomas Nicolin has gone to Alecta while chief investment officer and deputy chief executive Niklas Ekvall has left for Carnegie.

At Skandia Andersson will head a portfolio of around 240 billion crowns – he said it was an offer he couldn’t refuse.

“There are several new important recruitments under way” as part of a process to strengthen asset management, said Skandia Liv chief executive Urban Bäckström.

The appointment means that Skandia’s former head of asset management, Malin Björkmo, will assist Andersson.

“Malin Björkmo and I will work closely together,” Andersson said. Before AP3, Andersson had senior positions at Deutsche Bank and S G Warburg.

AP3 made a 16.2% return on investments in 2003.