Kåre Hahn Michelsen, currently chief investment officer of the Danish pension fund for academics, P+, has been appointed as the fund’s new chief executive officer, according to an announcement this morning.

Hahn Michelsen will take up the position from the end of September, the pension fund said, when current CEO Søren Kolbye Sørensen retires after 21 years at the helm – as reported back in March.

The DKK150bn (€20.1bn) Copenhagen-based pension fund said Hahn Michelsen had already been approved by the Danish Financial Services Authority for the role, according to requirements laid down in financial legislation for the fitness and propriety of members of a board of directors and board of management.

He is to become part of the P+ executive board from 1 June, the pension fund said.

Kim Duus, chair of P+’s supervisory board, said: “In this way, we are ensuring that for a transitional period, Kåre has the opportunity to draw on Søren’s many years of experience before he takes over himself.”

Duus said that while P+ had conducted an external recruitment process considering several other candidates, the board had concluded that the current CIO would be the best fit for the top role.

“He has many years of management experience, extensive knowledge of asset management, deep insight into the financial markets and the mechanisms behind the operation of a pension fund,” Duus said.

“The fact that he already knows P+’s business model and organisation from the inside is, of course, also an advantage,” he added.

Hahn Michelsen joined P+ as its CIO in 2020, having worked for Danske Bank Asset Management as deputy director for several years.

He said today that P+ was ”an exciting company” that had made a lot of progress in recent years.

”Right now we are, among other things, in the process of offering members a new and more up-to-date savings product and strengthening the digital dialogue,” he said.

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