Alecta head of asset management departing; fixed-income leader takes over in interim

Tony Persson was named acting head of asset management at Swedish occupational pension provider Alecta, said a spokesman.

Mr. Persson will replace Per Frennberg, who will leave on May 31. Mr. Persson, who is head of fixed income and strategy, will retain those responsibilities as well, the spokesman added.

Alecta, which manages 774 billion Swedish kronor ($87.6 billion) in assets, has started a process to recruit a replacement for Mr. Frennberg, said the spokesman.

In a statement, CEO Magnus Billing said: “(Mr. Frennberg) has done a fantastic job, delivering industry-leading returns for many years. However, Alecta, like the entire financial and insurance industry, faces new challenges in an increasingly digitalized future, and we need to continuously streamline our business. (Mr. Frennberg) and I have not agreed in all parts about how this will happen.”

“I'm sorry to see (Mr. Frennberg) leave. Our investment model and structure will not change. We have a successful asset management model, and a continued strong focus on high returns, high cost efficiency and sustainability,” Mr. Billing added.