Swedish pension fund dismisses CEO over trading rules violation

The SEK 352bn pension fund is now searching for a new CEO, having appointed Teresa Isele to serve as acting CEO in the meantime.

Isele joined the Swedish state pension scheme in 2015 as compliance officer and legal counsel. She was later promoted to general counsel and head of compliance. Since September 2018, she has served as general counsel, responsible for the legal function, and is also part of the management team.

Magnusson joined AP1 in 2008; he previously had worked for SEB Wealth Management, Lloyd George Management and ABB.

AP1 has invested 5.3% of its portfolio in private equity. It recently committed to Summa Equity Fund II, a buyout fund that invests equity tickets of €10-50m in Nordic companies.

The LP generated 3.27% returns from its private equity portfolio in the first half of 2019, according to its interim report. The entire portfolio returned 9.7% after expenses.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• LPs
• People
• Nordics
• Sweden
• people moves