Sweden’s AP3 recruits new selector
AP3, the SEK304bn (€33bn) ‘buffer fund’ that makes up part of Sweden’s pension system, has appointed Veronica Wahlberg as portfolio manager in its external management team, replacing Peter Ragnarsson who is leaving at the end of November.
Wahlberg previously worked at the central bank, Riksbank, in the Monetary Policy Department and the Markets Department, engaged in analysis. Other experience has been at Ålandsbanken and Kaupthing Bank in the area of manager research and selection.
AP3 is one of five buffer funds currently operating in the Swedish pension system. The government has initiated an inquiry into whether these funds should be consolidated, however, the chairs and CEOs of all AP funds affected responded in October this year by noting that the proposed consolidation “increases the risk of short-term politically-motivated micromanagement and puts an end to long-term investment in sectors such as real estate and infrastructure. In all probability, it will result in lower pensions.”