Niels-Ole Ravn, chief executive at Danish banking sector pension fund Bankpension, is leaving his job with immediate effect and will be replaced by the current head of investments Soli Preuthun.

In a statement issued today, the pension fund said Ravn and the pension fund’s supervisory board had agreed unanimously that he should leave his role as chief executive after 24 years at the pension fund, with effect from yesterday.

Niels Erik Jakobsen, chairman of the supervisory board and director at Danish Bank Jyske Bank, said: “Niels-Ole Ravn has created a solid and competitive alternative to the commercial companies over his many years at the pension fund.”

He said Bankpension was in a solid position regarding the future, adding that this was a future “in which the challenges will have a different character”.

“And so I think it is quite natural that Niels-Ole now wishes to look for new challenges,” Jakobsen said.

As one of the smaller Danish labour-market pension funds, observers have speculated in the past that it could end up merging with other pension funds, in line with the general trend in the sector.

In August, however, Jakobsen told Danish newspaper Jyllands Posten that Bankpension had no plans to merge.

Niels-Ole Ravn commented on his departure, saying: “For a long time, I have discussed with my family whether I should try doing something else apart from Bankpension, before I reach retirement.

“Bankpension is doing well – and I am at an age where it is possible to be able to get to grips with different challenges.”

The pension fund said Ravn would be available for the supervisory board and the management board for a short period.