Erik Feldt, head of Nordea Fonder, replaced by Sasja Beslik
Reports from Sweden suggest that Erik Feldt, head of Nordea Fonder, has been replaced by Sasja Beslik following poor performance by the business’ funds.
Nordea Fonder, a member of the Swedish Investment Fund Association (Fondbolagens förening), was pushed to make the move, according to daily Svenska Dagbladet, following criticism of its performance – including being identified by Morningstar as the worst performing fund unit of any major bank providing funds to customers in the Swedish market.
According to Svenska Dagbladet even Sweden’s Financial Markets minister Peter Norman advised customers to leave the bank.
Feldt, who headed the Nordea Fonder business since 2006, is moving on to become head of HR for Nordea, the paper says. Beslik has been with Nordea since 2009, having previously been at Banco Fonder. As head of SRI at Nordea he has been working in the areas of socially responsible investing and ownership questions.
A spokesperson for Nordea confirmed the change to InvestmentEurope today, but said that it was the result of a previously announced change, rather than an unexpected event. He said it was first mooted towards the end of August this year.
“Erik Feldt wanted to move on and we have been looking for a replacement,” the spokesperson said.
He added that there was no further comment on whether the appointment of Beslik would lead to a change in direction for the funds business because “he has only just taken up the position.”
Yesterday, Nordea reported third quarter results, which confirmed that its earnings from wealth and asset management activities have been struggling, partly as a result of the ongoing macro environment, which it said was causing customers to take a more cautious approach to savings.
InvestmentEurope interviewed Beslik earlier in 2011 for a feature on the Swedish approach to SRI.
Earlier this year he was awarded the title Young Global Leader 2011 by the World Economic Forum. The title implies he will be an ambassador in a global network that aims to influence SRI agendas of international companies.