(December 13, 2012) — Carsten Stendevad is to join ATP early next year and replace Lars Rohde, who will take up the chairmanship of the Danish National Bank after almost 15 years at the fund.
“As a Dane, to get this opportunity is unique,” Stendevad told aiCIO about an hour after his appointment was announced to the world’s media. “It is the largest and one of the best performing funds in the world—Lars and the team have done a great job.”
Over the last financially tumultuous decade, the fund has made more than 10% per year on average and while maintaining full solvency. This is due to a series of hedging strategies and investment policies that involve risk “buckets” rather than traditional asset allocation.
The DKK600 billion ($105 billion) fund provides retirement income to over 4.7 million Danes—something that is not lost on the incoming CEO.
“It is a big responsibility,” he said. “I am humbled. It is going to be a challenging job, but it is an important mission—ATP plays a very important role.”
This is why after 10 years at global bank Citigroup, most recently in New York City, the Dane is heading home. “The team is renowned for being very strong and having a very strong track record,” he said. “It is also a big international player—I have global experience and will draw on that.”
Stendevad was one of the architects and main constructors of Citigroup’s current corporate advisory structure. Working with large corporations, financial institutions and sovereign wealth funds, he gave insight, advice and helped these clients analyse the risks of the markets in which they played.
Before joining Citigroup, he worked at consulting firm McKinsey & Co. after starting his career at the Danish Central Bank—where his predecessor is soon heading to take charge.
He will start at ATP no later than May 2013. CIO Henrik Gade Jepsen will oversee the CEO role in the interim.