DENMARK - Bjarne Graven Larsen is to leave his position as chief investment officer of Denmark’s largest pension fund ATP in the New Year.

Graven Larsen departs the DKK516 (€69.2bn) pension fund for a position as co-chief executive at FIH Erhvervsbank, the bank acquired jointly by ATP and PFA Pension, as well as Swedish pension insurance provider Folksam in late September.

Henrik Gade Jepsen, currently deputy chief investment officer of ATP, will become interim CIO until a replacement for Graven Larsen can be appointed by the fund’s board.

Speaking of the appointment, ATP’s chief executive Lars Rohde said: “Bjarne Graven Larsen has for several years made an excellent contribution and created outstanding results in ATP.”

FIH last week confirmed that both the Danish Competition Authorities and the country’s financial services authority Finanstilsynet had approved the bank’s acquisition and that the deal was expected to be finalised by 6 January.

Current chief executive of FIH Henrik Sjøgreen retain his position at the bank, becoming co-CEO with Graven Larsen, with Sjøgreen responsible for the areas of banking, corporate finance, credit and IT, while the former chief investment officer will be in charge of capital markets, finance, development, HR and communication.

Other FIH appointments made today, to be confirmed at an extraordinary general meeting next month, include the appointment of Lars Rohde and Henrik Gade Jepsen to the board of directors, along with PFA’s chief executive Henrik Heideby and Daniel Eriksson, Folksam’s chief operating officer.

Additionally, Christian Dyvig, chief executive of Danish independent financial advisor CPDyvig will sit on the board, chaired by Hans Skov Christensen.

CPDyvig was the fourth member of the consortium to buy FIH from now-defunct Icelandic lender Kaupthing Bank.

PFA’s chief executive Heideby commented: “The election of a new board of directors is a signal that the owners are determined to move close to the company and participate actively in the further development of the bank.

He added: “We strongly believe that it will be possible for FIH to become the best corporate and investment bank in Denmark.”