The board of AP1, one of five funds in the Swedish national income pension system, has dismissed CEO Johan Magnusson, over what it termed a violation of internal regulations on the holding and trading of financial instruments.
The fund, which had assets of SEK352bn as at 30 June, invests across traditional and alternative asset classes, while applying "stringent" ESG demands.
Teresa Isele, general counsel, has been appointed acting CEO.
Urban Hansson Brusewitz, chairman of the Board of AP1, said: "Johan Magnusson has successfully developed AP1 during his time as CEO, and we on the Board are grateful for his efforts. Since it has now emerged that Mr. Magnusson has broken our internal regulations, he unfortunately no longer has the Board's confidence. Therefore the Board has agreed unanimously that it is not possible for Mr Magnusson to continue as CEO of AP1. The Fund is an organisation of highly skilled employees which will now be headed up by Teresa Isele, until a new CEO is appointed."