The chief executive officer of Sweden’s First AP Fund is out of a job after he allegedly violated some of the pension fund’s regulations, according to an announcement on Monday.
AP1’s board of directors dismissed its CEO, Johan Magnusson, for allegedly violating “internal regulations on the holding and trading of financial instruments.”
“Johan Magnusson has successfully developed AP1 during his time as CEO, and we on the board are grateful for his efforts,” Urban Hansson Brusewitz, chairman of the board, said in a statement. “Since it has now emerged that Mr. Magnusson has broken our internal regulations, he unfortunately no longer has the board’s confidence.”
Teresa Isele, the pension fund’s general counsel, has taken the helm as its temporary chief executive officer as the pension fund searches for a new leader, according to the announcement. Isele has been working for the pension fund for four years, AP1’s website shows.
Isele previously served as legal manager at Swedish private equity manager EQT Partners, her LinkedIn profile shows.
It’s unclear what is next for Magnusson. A spokesperson for the Swedish pension fund did not immediately return an email or phone call seeking comment on Tuesday. Magnusson had not responded to a request for comment by the time of publication.
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For the ten years prior to December 31, 2018, the First AP Fund returned an average of 7.4 percent annually after expenses, according to the pension fund’s website. In 2018, the pension fund posted a loss of 0.7 percent, its website showed.
The pension fund currently manages roughly $36 billion in assets, its 2019 interim report shows.