Swedish pension company Alecta has announced that Peder Hasslev has been appointed as its new CEO, following the departure of Magnus Billing in April.

Billing was relieved of his duties following losses of SEK 19.6bn due to the collapse of three American banks that the pension company invested in.

Hasslev is currently CEO of state-owned venture capital company Saminvest AB and chair of the board at Danish pension company PFA Pension.

Previously, he had been vice president and head of asset management at AMF and head of equities at SEB Asset Management.

His appointment is subject to approval from the Financial Supervisory Authority, with Katarina Thorslund to continue as acting CEO until Hasslev takes up the role.

“Becoming CEO of Alecta is a very exciting and honourable assignment,” commented Hasslev.

“Alecta has delivered high returns and made pension savers happy and secure for many years.

“The most important thing right now is to restore the confidence of customers so that Alecta can continue to create great customer value.

“I am also looking forward to developing the organisation together with all the competent people who work at Alecta today.”

His appointment was managed on behalf of the board by a recruitment committee consisting of board chair Ingrid Bonde, the two vice-chairs Matin Linder and Jan-Olof Jacke, and board member Petra Hedengran.

“We are very happy to have been able to recruit Peder Hasslev to Alecta,” said Jacke.

“Peder has a deep understanding of asset management of the size that Alecta operates and has solid industry experience.”

Bonde added: “We look forward to Peder Hasslev, together with the rest of the company management, continuing to develop Alecta and creating value for the company's customers for a long time to come.”

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