Stockholm (NordSIP) – Kåpan Tjänstepension, Sweden’s state-sector pension fund managing approximately SEK 165 billion (approx. €15 billion), has announced that Marie Giertz is stepping down as CEO after just six months in the role, effective in the coming weeks. She will be succeeded on an interim basis by her predecessor, Gunnar Balsvik, as the search for a permanent CEO gets underway.
Before being named CEO on 1 February 2025 Giertz had served as Kåpan’s chief investment officer since 2017, following her joining the organisation in 2016. Her background includes roles as chief economist at Svensk Exportkredit and head of analysis at Länsförsäkringars Kapitalförvaltning. She replaced Gunnar Balsvik who had served as CEO for 21 years.
In a recent interview published only a few days before her departure, Giertz talked about a series of strategic moves aimed at enhancing Kåpan’s in-house asset capabilities and ESG integration she spearheaded during her tenure as CIO. A key initiative was bringing much of the global equity portfolio management in-house and reducing dependency on external fund managers. This shift enabled deeper control over investment strategy and more effective ESG implementation.
Moreover, in 2024, under her leadership, Kåpan enacted a full divestment from emerging markets, citing a lack of return for the added risk and governance-related ESG concerns. She acknowledged the counterintuitive nature of the move: “We didn’t get paid for the extra risk,” yet she left the door open for a selective future re-entry: “If we see a way to re‑enter more efficiently – maybe in a more niche way, focusing on companies we believe in – we could try that in the future.”
At the same time, Giertz also expanded Kåpan’s real assets exposure, particularly real estate and infrastructure. Domestically, the fund built a real estate portfolio centered on government-leased properties, an attractive strategy for its stability and secure tenant base. Abroad, about 5 percent of real estate investments are held in Europe and the U.S. On infrastructure, Kåpan increasingly pursued core and value‑add strategies, often co‑investing in club deals with other Nordic institutions.
Giertz highlighted the necessity of asset-class diversification tailored to generational risk profiles: the three‑bucket model Kåpan uses shifts younger members more toward equities, while older cohorts lean into bonds and real assets.
Overall, her leadership as CIO was rooted in enhancing internal capacity and ESG discipline. As she put it: “It’s about strengthening capabilities across all asset classes. That’s how we stay resilient in a more volatile world.”
From the board, Chair Ann Follin expressed gratitude for Giertz’s contributions and extended best wishes for her future (in Swedish): “Marie has been a valued member of staff at Kåpan for many years and she has fulfilled the role of CEO well. We thank her for her valuable contributions and wish her all the best for the future.”
Regarding the interim appointment of Gunnar Balsvik, who led the fund from 2003 until January 2025, Follin commented (in Swedish): “As a former CEO, Gunnar Balsvik is very familiar with the assignment and, with his many years of experience from the business, will contribute to stability, continuity, and secure leadership.”
With a veteran leader stepping in temporarily, we don’t forecast any major direction change. Further on, we hope that Giertz’s asset management legacy, especially her moves toward ESG-led decision-making, will continue to shape the fund’s strategy.
