Swedish buffer fund AP6 names CEO after six-month search
SWEDEN - AP6, the Swedish buffer fund investing exclusively in private equity, has appointed one of its most senior investment managers as chief executive.
Only nine months after joining as head of corporate investments, Karl Swartling has been named chief executive following the sudden departure in March of Marianne Dicander Alexandersson.
Dicander Alexandersson, who resigned after less than a year in the post, is understood to have left due to a disagreement over investment strategy.
Chief financial officer Adam Laurén, who has acted as interim chief executive since March, has resumed his previous role, while investment manager Mats Lindahl has been named Swartling's replacement.
Prior to joining AP6 in January, Swartling spent eight years at Investor Growth Capital focusing on Nordic investments.
The company, with $1.5bn (€1.2bn) in assets under management, targets mainly IT and healthcare companies.
He was also a partner at McKinsey, advising venture capital and private equity clients.
Chairman Ebba Lindsö praised Swartling's private equity background and said he would be an "excellent leader" at a time when Sweden's entire buffer fund system was under review.
Last month saw the publication of the long-awaited review of Sweden's AP funds, chaired by Mats Langensjö.
The review, examining the future of AP1, AP2 AP3 and AP4, as well as AP6, concluded that two of the existing funds should be closed, signalling the end of AP6 if the recommendations are accepted by parliament.
Dicander Alexandersson's departure was followed a month later by that of head of fund investment Alexandra Nilsson.
Karl Anders Falk, swiftly named her interim replacement, has not yet been confirmed as her successor.