AP3 has stated explicitly that its chief investment officer, who is set to jump to Alecta in January, was not involved in the latter’s hiring of his close colleague Magnus Tell.

Alecta, Sweden’s biggest pension fund, announced yesterday that it was appointing AP3’s Tell, head of equities at the national pensions buffer fund, as its own equities chief.

The news came just a month after the revelation that Pablo Bernengo, AP3’s CIO, had been poached by Alecta – which is still dealing with a crisis over failed investments and the loss of its chief executive officer, CIO and head of equities within just three months.

Bernengo is set to start work at Alecta’s Stockholm offices in January 2024, while Tell will move to the SEK1.21trn (€101bn) occupational pension provider by 28 November, according to yesterday’s statement.

A spokesperson for AP3 – one of five buffer funds backing Sweden’s state income pension system – told IPE: “We congratulate Pablo Bernengo and Magnus Tell”.

Asked whether AP3 was concerned that more of Bernengo’s team may follow him to Alecta, the spokesperson for the SEK491bn fund said: “The recruitment of Magnus Tell was led by Alecta’s head of HR and the newly appointed CEO; Pablo Bernengo was not involved in that process.

“But as Alecta itself stated in their press release, Pablo was eventually informed and had to confirm the appointment of Magnus,” the spokesperson said.

At Alecta in January, Bernengo will take over from another former AP3 CIO, Kerim Kaskal, who has been acting CIO at Alecta since the start of April.

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