Sweden’s AP3 has announced that the senior equity manager due to begin work in mid-September has now decided not to join the national pensions buffer fund after all.
The Stockholm-based fund said in a short statement: “Rikard Forssmed, who was to start as a senior equity manager at AP3 in mid-September, announced in early August that he had chosen not to take up the position.”
Forssmed was one of two new investment team hires named in May to fill vacancies arising as part of an overhaul of the investment operation by Pablo Bernengo, CIO of the SEK393.7bn (€38.3bn) fund.
Forssmed, who has worked at Swedbank Robur for 18 years, told IPE he had decided to continue working at his long-time employer rather than move to the state buffer fund.
“Swedbank Robur and I have had good and constructive discussions recently,” he said.
“This has led to my decision to stay on as portfolio manager for Swedbank Robur. So, I will continue in my role as portfolio manager for Swedbank Robur USA,” he added.
At AP3, Forssmed had been set to manage an active equities mandate with a global focus.