Alecta and AP3, two major Swedish pension funds, have recently announced multiple hires amid turmoil set in motion by Alecta’s ill-fated investments in failed U.S. banks.
Most recently, AP3 named Jonas Thulin as its new CIO, leaving a position as head of asset management at Erik Penser Bank. Thulin will replace Pablo Bernengo, who will leave AP3 in January 2024 to become CIO of Alecta.
Thulin’s appointment at AP3 is effective January 4, 2024, while Bernengo is expected to start at Alecta on January 7. Thulin has served as head of asset management at EPB for six years. Prior to that, he was the head of asset allocation at Nordea Asset Management. Thulin’s successor at EPB has not been named.
“Jonas Thulin is passionate about asset management and the financial markets, has worked with a wide range of different asset classes and has extensive knowledge about sustainability,” said Staffan Hansén, AP3’s CEO, in a translated statement. “Jonas is a good and communicative leader with excellent skills for further developing our asset management.”
The war for talent in Swedish pensions has heated up in the wake of troubles at Alecta stemming from its soured investments in failed U.S. lenders Silicon Valley Bank and Signature Bank and its stake in embattled real estate company Heimstaden Bostad.
Earlier this year, many Alecta executives resigned or were forced out after the collapse of SVB and its ilk. Departures included the firm’s board chair, CEO and other key senior leaders. In its attempts to find stable footing and reinvent itself, Alecta hired several executives from AP3, including its new head of equities, Magnus Tell.
AP3, or the Third Swedish National Pension Fund (Tredje AP-fonden) has investments worth $45 billion, and Alecta‘s investments are worth about $101 billion.
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Tags: Alecta, AP3, Jonas Thulin, Pablo Bernengo, Pension Funds, Silicon Valley Bank, Sweden