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Sweden’s AP3 Names CIO

Pablo Bernengo has been tapped to run the $35 billion pension fund.

The Third Swedish National Pension Fund has hired a new chief investment officer to lead its SEK 340.7 billion ($35.4 billion) portfolio.

Pablo Bernengo, chief executive of Swedish asset management firm Öhman Fonder, will join AP3 as its CIO in November, the pension fund announced Wednesday.

Bernengo will replace Kerim Kaskal, who has served as acting CIO since August. Kaskal, who had previously served as AP3’s investment chief from 2013 to 2015, was brought in to temporarily reprise his role following the sudden death of his successor Mårten Lindeborg.

Lindeborg, who had joined AP3 in February 2009 as head of strategic allocation, had served as deputy CEO and CIO since September 2015. AP3 announced in August that Lindeborg had passed away following a short illness.

[II Deep Dive: AP3’s Chief Investment Officer Dies]

“Mårten has been an important, dear colleague and an appreciated leader at AP3,” the pension fund said in a statement at the time. “We send our heartfelt sympathies and condolences to his family.”

In a statement on Wednesday, AP3 praised Bernengo’s “strong track record in advanced asset management.” Chief executive Kerstin Hessius described the CIO pick as an “experienced leader with in-depth expertise in asset management.”

Bernengo previously held roles at Nordic financial services company DnB NOR, Swedish investment manager Skandia, and Carlson Investment Management before joining Öhman Fonder as chief investment officer in 2011. He was promoted to CEO of the asset management firm in 2017.

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