SWEDEN – The head of Nordea’s life and pensions division in Sweden, Gunnar Andersson, is to leave on April 1 by “mutual agreement”.

“The head of Nordea Life & Pensions Sweden, Gunnar Andersson, 53, leaves the organisation on April 1 2003,” the Swedish bank said in a statement. “The move follows a mutual agreement.”

"After nine years as managing director of Nordea Life & Pensions Sweden, I have found the time was right to look for new challenges", says Gunnar Andersson.

He will be temporarily replaced by Peter Einar, 47, who currently heads project management in Nordea Investment Management Sweden.

The move follows a slump in business at its life and pensions division. Net written premiums fell 24% in the third quarter of 2002, the most recent period for which figures are available. The Swedish part of the division cut its equity exposure to zero.

Separately, the bank has named 41-year old Henrik Priergaard as the new head of Nordea Investment Management.

Nordea has been badly hit by market declines. Assets under management at its asset management arm fell 8% to 62.6 billion euros as at the end of the third quarter 2002.

Nordea IM has around 28 billion dollars in European pension fund assets under management.

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