FINLAND - Kaupthing Bank Oyj Asset Management says it has hired Carnegie’s Finland research head Kim Nummelin.

Iceland-based Kaupthing said Nummelin has been appointed as strategist and starts on April 4. He is a former Professor of Finance at the Swedish School of Economics and Business Administration.

“The recruitment of Dr. Nummelin will significantly strengthen the asset management and institutional advisory operations of Kaupthing Bank and supports the fast-growing multi-manager asset management business of Kaupthing in Northern Europe,” the group said.

The move follows Carnegie’s decision to exit the Swedish pension consulting late last year. Its Swedish pension consulting arm was taken over by advisory firm Max Matthiessen.

In November Carnegie cut 20 staff in Sweden following a “streamlining” of the organization. And it has revealed that that Iceland-based investment company Burdarás has built up a 20.1% stake in the firm.