Swedish pension company Alecta has appointed Pablo Bernengo as its new head of asset management as part of its personnel changes following losses after the collapse of three American banks in March.

At the time of his appointment, Bernengo was head of asset management at Swedish pension fund AP3.

He will take up his new position as head of asset management at Alecta no later than 7 January 2024.

Prior to working at AP3, Bernengo was CEO and head of asset management at Öhman Fonder, and also previously worked as a portfolio manager at Dnb Nor and Skandia.

Commenting on his appointment, Bernengo said: “Alecta is an important player in the Swedish pension system and on the capital market.

“I look forward to meeting all employees and, together with them, continue to develop asset management.”

Alecta acting CEO, Katarina Thorslund, added: “I am very happy to be able to welcome Pablo as the new head of Alecta's asset management.

“His long experience in asset management and as a leader in various organisations will be very valuable to us, not least in the work that is ongoing within the framework of the strategic review of the asset management model.”

Bernengo succeeds Henrick Gade Jepsen, who left the role of head of asset management in June.

Kerim Kaskal has been in the role of acting head of asst management while Alecta searched for someone to take on the position permanently.

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 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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