Stockholm (NordSIP) – As Swedish state buffer pension fond AP1 has been busy reorganising after the departure of star fund selection duo Majdi Chammas and Tina Rönnholm last year, the fund is now looking to re-fill the CIO’s chair. Indeed, Mikael Angberg who held the title since December 2013 has resigned, effective 31 December 2022.
“Mikael has decided to resign from his role as CIO for AP1 after nine successful years at the fund, where he has built a successful team which has delivered strong long term results,” comments Head of Communication Sara Christensen to NordSIP in an email.
The search for Angberg’s replacement has already started. “Mikael’s responsibilities will be managed by other team leaders within AP1’s organisation until a CIO is in place. The search process has been initiated,” Christensen adds.
While it seems his future plans are not 100% fixed yet, Angberg hopes to be ready to share his new plans with NordSIP in the coming weeks. Prior to joining AP1, he worked in London as Senior Vice President for Pimco, with Equity and Commodity Derivatives at BNP Paribas, and as Executive Director at Goldman Sachs, among other positions.
Angberg was one of the members of senior management who witnessed the 2019 dismissal of Chief Executive Officer Johan Magnusson, followed on the way out by Head of Equities Olof Jonasson who agreed to leave just a few months later, after he allegedly violated the Fund’s policy and guidelines. In the summer of 2020, amidst the uncertainties of the pandemic’s first year, AP1 welcomed Kristin Magnusson Bernard as its new CEO and she has been at the helm since then.
As a Swedish Government authority, AP1 relies on its board to set guidelines for an overarching division of assets into equities and fixed-income investments. The CEO’s role is to breaks down the board’s guidelines into a more detailed division of assets over a 10-year term. These assets include equities and fixed-income securities, but also alternative investments such as real estate, infrastructure, private equity funds and hedge funds. In recent years, the AP funds 1 to 4 have been able to increase their allocation to private assets and the fund’s CIO role is therefore crucial in the implementation of this process.
While AP1’s sustainable investment work lies in the competent hands of Magdalena Håkansson since she joined in 2019, the fund also relies on the work of the Council on Ethics which is also undergoing a recruitment process amidst a reorganisation which coincided with the departure of former Secretary General John Howchin in 2022. The blowing wind at AP1 could accelerate positive change if Angberg’s previous position is filled by someone with an ambitious sustainability agenda.