FINLAND - Varma Mutual Pension Insurance Co. has named Risto Murto as chief investment officer, taking over from the retiring Jorma Leinonen.

Murto, 42, will join Varma at the beginning of January from Opstock Ltd., Finland’s third-largest asset manager, where he is managing director.

Last month Opstock’s parent OKO Bank bought a 58% stake in peer firm Pohjola Group from Ilmarinen and Suomi Mutual for around €1.2bn.

Murto will report to Matti Vuoria, Varma’s president and chief executive. Capital markets and real estate heads Mikko Koivusalo Jorma Kuokkanen will be reporting to Murto.

Varma is the largest earnings-related pension insurer and investor in Finland. It has €23bn in assets.