Consultant William M Mercer has closed its three-strong investment consulting operation in Stockholm and will instead run it from the London office. Ola Larson, head of Mercers for the Nordic region gave unprofitability as the predominant reason.
Larson says many of Mercer’s larger assignments, including manager selection with the 7th AP Fund, required qualified people from London. “It didn’t make sense to have a practice here in Sweden when we can run it out of London instead,” he says. Mercers still has 40 employees in Sweden concentrating on retirement, human resource consulting and health care issues.
Mercer’s consultant Johan Heden has joined Trevise Asset Management and colleague Stephan Fredreksson has moved to SEB Asset Management. Closure has also been fortuitous for local consultant Wassum, currently beefing up its operations. Anneli Enquist was Mercer’s head of investment consulting and has since joined. Mats Langensjo, Enquist’s predecessor at Mercers, recently recruited from Indocam as Wassum’s head of investment consultancy. Langensjo will concentrate on the Swedish market leaving Wassum managing director Jan Bernhard Waage to focus on the Nordic region as a whole. Wassum is planning to open an office in Finland by early next year.