One of Europe’s largest pension funds has sacked its chief executive over an alleged violation of internal trading regulations.
Sweden’s Första AP-fonden, or AP1, took the decision to dismiss Johan Magnusson with immediate effect after he lost the board’s confidence.
Magnusson had breached the fund’s rules on the holding and trading of financial instruments.
The board agreed unanimously, therefore, that “it is not possible” for Magnusson to continue at the helm of AP1.
The process of recruiting a replacement will being immediately, according to the fund, which manages 352 billion Swedish krona (€32.6 billion) of assets.
In the meantime, the fund’s general counsel Teresa Isele has been appointed as acting chief executive.
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