AP3's CEO Kerstin Hessius has appointed Brummer & Partners' Kerim Kaskal as the new head of asset management at the giant Swedish pension fund.
Kaskal joins AP3 from Brummer & Partners, where he co-founded the Nektar hedge fund. He has almost 20 years' experience in capital markets and his former positions include head trader at Stora in Brussels and head of fixed income trading at SEB. He takes up his new post on 1 December.
His appointment is part of a new Executive Management Team formed by Hessius. She said: "The group comprises present AP3 personnel together with a couple of new recruits. This gives us continuity and also contributes new expertise to the organisation."
AP3's new Executive Management Team will have the following members:
* Kerim Kaskal, new Head of Asset Management. The Head of Asset Management position involves overall responsibility for the fund's management of equities, bonds and currency risk. In terms of internal organisation, the Head of Equities Management and the Head of Fixed Income and FX Management will both report to Kerim Kaskal.
* Lars Orest, Head of Fixed Income and FX Management. Employed as a bond portfolio manager for AP3 since 2000 and appointed Head of Fixed Income and FX Management in May 2004.
* Bengt Hellström, Head of External Management since 2000.
* Erik Valtonen, Head of Quantitative Analysis and Risk Control since 2000.
* Sven Askenberger, Chief Operating Officer since 2000.
* Pernilla Klein has been appointed Head of Corporate Governance. Employed as Communications Manager since 2000 and has also served on AP3's steering committee for corporate governance issues.
* Christina Kusoffsky Hillesöy has been appointed new Communications Manager. Formerly communications manager at TurnIT and Allgon and, most recently, at TRR Trygghetsrådet. She takes up her new position on 1 January 2005.
The new Head of Equities Management, a post for which AP3 is currently in the process of recruiting, will also join the Executive Management Team.
Hessius said: "I am pleased to have put together a strong team that together possesses the skills and expertise that AP3 needs to advance its status as a leading asset manager. Together with the new Executive Management Team, I will pursue a strategy aimed at making AP3 even better at meeting its objective of generating a high return on Swedish national pension fund capital with a low level of risk."