SWEDEN - T. Rowe Price Global Investment Services has recruited the head of 850 million-crown (93 million-euro) Gävleborg County Council pension fund for its new office in Stockholm.

At T. Rowe Price’s fourth office in Europe, Silva El-Hayek is to fulfil “a sales and client servicing role”.

“Silva played an instrumental role in establishing a network of finance managers in all of the city councils in Sweden,” the Baltimore-based firm said.

El-Hayek , who joins the firm on November 1, told IPE that the local authority has already selected a new head of the pension fund, but has not yet made the appointment official. She also said she had joined T. Rowe Price to progress her career and to face new challenges.

T. Rowe Price has also hired KPMG Financial Services’ Johan Elmquist, who started on September 1. At KPMG Elmquist was an investment consultant advising institutional investors on strategic risk allocation, assessment of risk and investment policies and selection of benchmarks.

T. Rowe Price said it was the second largest foreign investment manager in the Nordic region, providing services to 13 of the largest 25 pension plans.