SWEDEN - Swedish insurance company Länsförsäkringar AB has appointed Cecilia Ardström as its new chief financial officer and head of its asset management unit.

Ardström, who is currently head of group treasury at the Tele2 group, will take up the new position on 1 March.

She will replace the current head of asset management Gustav Karner.

Sten Dunér, president at Länsförsäkringar, said: "Cecilia's first task will be to further develop our asset management business and create the requisite conditions for meeting continuous changes in the business environment.

"We have implemented many changes, and new requirements are constantly being imposed on our business activities and products."

Ardström will become a member of Länsförsäkringar AB's group management team.

She will also be proposed as a member of the boards of directors of the group's fund companies.

Separately, Länsförsäkringar also announced that it has launched three new funds as an alternative to the guaranteed pension products closed for new members last year.

The company's new guarantee will use external providers and their funds.

Standard Life Investments' Global Absolute Return Strategies (GARS), Brummer & Partners' hedge fund Lynx Dynamics and Enter Fonder's fixed income fund Enter Return will all be part of the new offering.

Länsförsäkringar said it saw GARS as the alternative to the guaranteed products, as it invests globally in equities, bonds and real estate.

It said it considered the fund a good alternative for long-term investors who do not wish to keep changing funds.

The new guarantee will be available in certain occupational pension plans.

The guarantee is a money-back guarantee if the customer saves for at least 10 years.
In addition to getting at least your money back, there is also the chance for further returns, depending on manager performance, the company said.