People moves: CEO of PGGM to leave after nine years

PGGM – Edwin Velzel has announced his departure as chief executive officer of Dutch pension administrator and asset manager PGGM at the end of this year.

Velzel, who started his tenure in November 2017, had been awarded a third term as CEO only about six months ago. According to Velzel, it’s a natural moment to leave because all the pension funds that are administered by €256.5bn PGGM have now moved to new defined contribution (DC) arrangements as part of the Dutch pension transition.

According to Velzel, “the new period that is now starting asks for fresh leadership.”

He added: “All in all, this is a good time to hand over the baton to a successor. And to look forward to new adventures myself; I’m curious to see what will come my way.”

PGGM said it has started a search for a successor. 

Department for Work and Pensions (DWP) – The UK’s DWP has appointed Joanne Segars as the new chair of the Pension Protection Fund (PPF), effective 1 July 2026.

Segars brings nearly 40 years of executive and non-executive experience in UK pensions and financial services, currently holding several board roles, including chair of trustees at NOW: Pensions, and chair of the independent governance committee at Legal & General. She has previously held senior leadership roles at the Pensions and Lifetime Savings Association (now Pensions UK) and the Association of British Insurers.

Segars will succeed Kate Jones, who has been on the PPF board since 2016 and held the post of chair since July 2021.

SH Pension – Lena Lyckenvik has been elected as the new chair of the Swedish pension fund at its annual general meeting on 12 May. She takes over from Catrina Ingelstam, who decided to step down after five years in the role.

SH Pension said Ingelstam has several board assignments and made the decision not to stand for re-election in order to free up time and avoid potential conflicts of interest. Ingelstam, who also sits on the board of AP2, will continue to work for the pension fund in a different role, however, taking a seat on its nomination committee.

Lyckenvik has been on the pension fund’s board for three years and was previously vice chair.

Two new members of the board were also elected at its annual general meeting – Erik Weiman and Michael Lundin. They replace Ingelstam and Carl Lybeck, who is now CEO of SH Pension.

Federated Hermes – The firm has named Carlos Gross as head of European credit opportunities in the private credit team. Based in London, He reports to Patrick Marshall, CIO and head of private credit.

In this newly created role, Gross will be responsible for leading Federated Hermes private credit’s credit opportunities strategies in Europe, expanding the firm’s private credit offering to address a broader range of investor risk‑return objectives through selective, downside‑focused credit solutions across Europe. The strategies will focus on sourcing, structuring, and investing in loan solutions for European companies navigating complex capital needs or market dislocations, supported by rigorous underwriting standards and a commitment to capital preservation across the cycle.

Gross brings more than 15 years of experience in European credit markets. He joins from Benefit Street Partners, formerly known as Alcentra, where he served as executive director in the alternative fixed income asset manager’s special situations group.

SPK/Alecta – Fredrik Palm, Alecta’s head of product, has been appointed as the new CEO of Swedish pension fund SPK, and will take up the role on 24 August.

He will replace SPK’s current CEO, Lars Åke Vikberg, who is leaving at the end of May to become CEO of Kåpan Tjänstepension, as announced several months ago.

Malin Dahlman, SPK’s chief of staff, will step into the CEO role at SPK temporarily in the summer gap before Palm’s arrival.

Meanwhile, at Alecta, Malin Ejderberg, head of the product and partners group within the pension fund’s product and analysis department, has been appointed to take over Palm’s job on 1 July, with the title head of product and analysis.

Avida International – Chris Hitchen has joined the Avida team as a senior consultant. He is a well-respected leader in the pension and investment industry and a former chair of Pensions UK.

Throughout his 40-year career in pensions and investments, Hitchen has worked as a CEO, trustee, non-executive director and consultant. He led Railpen as CEO and chief investment officer for almost 20 years, preserving scale and cohesion at a time of fragmentation and setting it on its path to being a world-class investor.

More recently, Hitchen has helped to drive consolidation as the inaugural chair at Border to Coast Pensions Partnership, and as the first investment committee chair at NEST, the 13-million-member DC scheme.

Hitchen is currently chair of the £20bn Nuclear Liabilities Fund and a board member at the Scott Trust Endowment, which stands behind the Guardian newspaper.

Lannebo Kapitalförvaltning – Patrik Nyman, who was head of asset allocation at the now-defunct Swedish national pensions buffer fund AP1 until it closed at the end of last year, has been hired by Swedish asset manager Lannebo Kapitalförvaltning as its new CIO.

Nyman worked for AP1 and its predecessor for 32 years. According to his new employer, he led management mandates in nearly all asset classes, and has a background in both fundamental and systematic management.

Handelsbanken Fonder – Kristin Magnusson Bernard, former CEO of the now-defunct Swedish national pensions buffer fund AP1, has been appointed as CEO of Handelsbanken Fonder in Stockholm. She will start work in the top role at the Swedish bank’s fund management arm on 1 August.

Magnussen Bernard will take over from Emma Viotti, who has been acting CEO at Handelsbanken Fonder for the last few months. Viotti will then return to her normal job of deputy CEO and head of business and product development at the firm. She assumed temporary leadership of Handelsbanken Fonder after Magdalena Wahlqvist Alveskog left the role of permanent CEO earlier this year, with the latter saying on LinkedIn at the time that she had “decided to move on” after more than six years in the top job.

Carne Group – Daniel Osborne has been hired as managing director, head of ETF solutions, based in London. He will report to Des Fullam, chief regulatory and client solutions officer at Carne.

The appointment comes at a pivotal moment for the European ETF market, as a wave of asset managers, from global institutions to boutique active managers, look to establish or expand their ETF offering, and as demand for Carne’s structuring and operational support continues to grow, the firm stated.

Osborne brings more than three decades of experience, primarily in ETF distribution, operations and strategy. His career spans sales and distribution management, ETF outsourcing and project delivery, combining commercial focus with broad operational expertise. Most recently, he served as chief operating officer and managing director at State Street, where he led the ETF business across intermediary distribution and commercial operations in EMEA and APAC for over five years.

In his new role, Osborne will lead Carne’s ETF business, supporting existing clients and asset managers seeking to establish and grow ETF platforms, with a particular focus on helping managers bring products to market with speed and ease.

Investment Association (IA) – John Owen has been appointed as CEO, succeeding Chris Cummings.

Owen brings deep expertise in financial services, regulation and public policy, alongside a strong track record of leadership and delivery in complex, high‑profile environments. He spent 20 years in the UK civil service, holding a series of senior roles across HM Treasury, the Cabinet Office and the Deputy Prime Minister’s Office.

More recently, Owen has been working as a partner in EY’s financial services risk consulting practice, advising firms on regulatory strategy and risk.