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AP3’s Kerstin Hessius to step down as CEO at the end of the year

Kerstin Hessius is to step down at CEO of the Third Swedish National Pension Fund (AP3) on 31 December 2022 after 18 years in the position. The board of directors of the Fund has begun the process of recruiting a new CEO.

Kerstin Hessius


“I have informed the board that this will be my last year with AP3. Today we have an extremely strong team and a robust strategy for managing our investment funds to generate maximum value for the Swedish pension system,” Kerstin Hessius commented.

“At year-end I will have been CEO for over 18 years and have come to the conclusion that it is time to hand over the reins. It was not an easy decision. AP3 is a highly professional pension fund manager and it has been a privilege to work with such talented, responsible and dedicated colleagues.”

AP3 held fund capital of SEK 502 billion at 31 December 2021 kronor. Last year the Fund reported the best financial results in its 20-year history, recording a return of 20.7 percent after expenses and a net result of SEK 86.8 billion. In the last 10 years AP3 has generated an average annual return of 11.1 percent. Since 2009 the Fund has paid in SEK 73 billion to the state pension system and helped strengthen the system’s financial health. AP3 has delivered an average annual return of 7.0 percent since inception in 2001. The income index, which governs pension contributions and indexing, has risen by 2.9 percent per annum in that period.

Christina Lindenius, Chairman of the Board of AP3, commented: ”I and my fellow board members warmly thank Kerstin Hessius for her years of leadership at AP3. Kerstin’s wide-ranging experience of financial markets and her dedication to the Fund’s mission have played a valuable role in the management of the pension system’s capital buffer. Kerstin has also built a strong and highly professional organisation for which the board has now begun the process of recruiting a new CEO.”

For further information, please contact:

Lil Larås Lindgren, Head of Communications, Tel: +46 8 555 17123,

AP3 is one of five funds that manage capital on behalf of the Swedish state pension system. The Fund 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. Read more about AP3 at