Johan Magnusson was named managing director of the 221 billion Swedish kronor ($34 billion) AP Fonden 1, Stockholm, effective March 1, confirmed spokeswoman Nadine Viel Lamare. He will replace William af Sandeberg, who plans to retire later this year. Mr. Magnusson is head of SEB Investment Management. SEB is conducting a search for his replacement, Mr. Magnusson said. Fredrick Boheman, SEB Investment Managements managing director, could not be reached by press time for further information.
In a telephone interview, Mr. Magnusson said one of his biggest challenges at AP1 will be to maximize returns in a difficult period ahead. Hell draw on his 25 years of experience in asset management, he added.