Christian Hyldahl was named CEO of the 805.7 billion Danish kroner ($118.8 billion) ATP, Hilleroed, Denmark.
Mr. Hyldahl's appointment is effective Jan. 1. He will replace Carsten Stendevad, who will return to the U.S. for family reasons. ATP announced Mr. Stendevad's resignation in August. A spokesman for ATP confirmed that Mr. Stendevad will remain with ATP until Jan. 1.
"(Mr.) Hyldahl is a skilled and respected finance professional and has in depth knowledge of the financial sector," said Jorgen Sondergaard, chairman of the ATP board, in a news release Friday. He added that Mr. Stendevad had done a "tremendous job for ATP."
Mr. Sondergaard said the priority for the board was to recruit a CEO to lead ATP at a time when institutional investors are "facing the challenge of creating returns on investments. Deep knowledge of the international financial markets" and strong management skills were also important criteria. "Finally (Mr.) Hyldahl's personal skills has been important to us — all in order to appoint a CEO who has profound respect and understanding for the role ATP plays in the Danish society."
Mr. Hyldahl was head of Nordea Asset Management, which has €202 billion ($221.6 billion) in assets under management. A statement provided by a spokesman said that Christophe Girondel, head of institutional and wholesale distribution at Nordea Asset Management, has been appointed acting head of the money manager. The firm will initiate a process to find a permanent head immediately.