In November 2019 AP3 recruited a new Chief Investment Officer (CIO) and started the process of a comprehensive review of the Fund’s portfolio structure and organisation. Such review was last done 10 years ago.
The investment world in the last 10 years has turned more complex and is operating under a much stricter regulatory frameworks, thus the need to simplify and clarify AP3 asset management organization. As a consequence the restructuring focus on both optimizing AP3 investment management organization around its core competencies, and structure the Fund in a more efficient and transparent way. The new portfolio structure was implemented at the turn of the year while the changes in the asset management organization has come into place on May 1.
The organisational change AP3 is making means that as of May 1st, AP3 will have a new organisation in place under CIO Pablo Bernengo.
The organisation will consist of an Equity team, a Fixed Income & FX team and an Alternative Investments team. New head of Equites is Magnus Tell and new head of Fixed Income & Currencies is Joakim Blomqvist, both internally recruited.
A new group, CIO Office, will focus on top-down issues related to the overall portfolio, including but not limited to strategic and tactical asset allocation, implementation and management of External strategies, sustainability/ESG and macroeconomic analysis. The CIO Office group will be led by Lars Sundberg and Hans Ericsson, both with long experience from AP3. Alternative Investments continues to be led by Bengt Hellström.
AP3 is one of five funds that manage capital on behalf of the Swedish state pension system. The Fund had SEK 393.7 billion of assets under management as at 31 December 2019. AP3 is tasked by Parliament with generating maximum possible benefit for the state pension system by managing its fund capital responsibly and delivering strong investment returns at a low level of risk.