Swedish pension company Alecta has announced that its head of asset management, Henrick Gade Jepsen, has left his role at the company.

Acting head of asset management, Kerim Kaskal, will continue in his role until further notice, and the search for a new permanent head of asset management has begun.

Gade Jepsen had only been Alecta’s head of asset management since 3 December 2022.

Following the collapse of three American banks, which the pension company invested in, in March 2023, Alecta announced that it had incurred investment losses of SEK 19.6bn.

This resulted in the pension company making temporary appointments to manage its assets, including Kaskal for Gade Jepsen.

Alecta has now announced that Gade Jepsen has left the company permanently.

This follows the departure of previous CEO, Magnus Billing, who was relieved of his duties in April and replaced by Peder Hasslev in June, who said he was aiming to “restore confidence” in the pension company.

Alecta has since completed the first phase of its strategic review following the losses on the American banks, which resulted in changes to the risk level in the asset management of its two main products.

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