SWEDEN - Richard Gröttheim, deputy chief executive and head of asset management of AP7, is stepping in as acting chief executive following Peter Norman's appointment as minister for financial markets in Sweden.

The board at AP7 - one of the country's national buffer funds - will meet next Friday, when they will decide whether Gröttheim becomes permanent chief executive or they seek an external replacement for Norman, a spokesman said.

The spokesman added: "We are naturally saddened Peter is leaving AP7, as he has been appreciated both privately and as a colleague.

"At the same time, we are convinced Peter will do an excellent job, which will benefit the Swedish financial markets in general and AP7, which we are pleased about."

According to the spokesman, Norman joined the Moderaterna party last week ahead of his appointment.

The party is the right-of-centre governing party of Sweden, of which also Fredrik Reinfeld, the prime minister, is also a member.

Norman has worked in financial services since 1987 and AP7 since start in 2000.

Previously, he was chief executive at Alfred Berg Asset Management, and a director of the Swedish Central Bank between 1994 and 1996.

AP was established as part of Sweden's 2000 PPM pension reform and converted to a lifecycle fund this year.

Gröttheim has been instrumental in working on the AP7 changes in the past years.

He has worked in financial services since 1985 and AP7 since 2000.

He was previously also a director of the Swedish Central Bank and before then worked for Aragon Fondkommission and Götabanken.