EUROPE – Ari Korhonen, chief investment officer at the €5.58bn Etera Mutual Pension Insurance Co. is to take over as head of Kaupthing Asset Management in Finland.

The move comes a year after Etera handed Kaupthing a €250m mandate.

“Ari Korhonen has been appointed head of asset management of Kaupthing Bank Oyj in Finland,” Iceland’s Kaupthing said, announcing a series of management changes.

Korhonen’s replacement has not yet been decided. “We are still discussing the organisation of the investment team internally,” said an Etera spokeswoman.

IPE reported in May 2005 that Etera, the former LEL Employment Pension Fund that merged with the TaEL Pension Fund, had awarded Kaupthing around €250m – reallocated from existing managers.

The changes at Kaupthing included Kaupthing Bank Oyj CEO Heikki Niemelä relocating to London, to be succeeded by Tommi Salunen from Nordea.

Asset management head Pia Michelsson becomes deputy chief executive of Kaupthing Bank Oyj.