AP1 Hires PIMCO Business Development Head as CIO
(November 27, 2013)— Sweden’s First AP Pension Fund (AP1) has appointed former PIMCO senior vice-president Mikael Angberg as CIO.
Angberg, who will start in his new role on December 9, was also the head of business development for the Nordics at PIMCO. Prior to that, he was head of Nordic institutional equity derivatives sales at BNP Paribas.
His CV also boasts a role at Goldman Sachs Asset Management as head of institutional sales in the Nordics, as well as being a financial engineer at AXA Investment Management, and a quantitative analyst at CERN.
Johan Magnusson, CEO of AP1, welcomed Angberg to the fund, adding that his broad experience would be of great benefit.
AP1 is one of five AP funds which provides the Swedish public pension income if the government’s coffers should fall short.
It manages SK240 billion ($36.5 billion) in a global portfolio of equities, fixed income and alternative investments such as real estate, private equity funds and hedge funds.
Swedish pension funds have fared relatively well during the financial crisis. AP1’s latest annual report, published in February this year, showed the fund had enjoyed a return of 11.3% after expenses.
Over the past decade, the fund has returned 7%, 1.5% more than its 10-year target.
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