Kare Hahn Michelsen was named managing director at P+, Pensionskassen for Akademikere, Frederiksberg, Denmark, effective at the end of September.
Mr. Michelsen replaces Soren Kolbye Sorensen, who will retire from the pension fund in a few months, a news release said.
Mr. Michelsen, currently investment director at the 150 billion Danish kroner ($21.8 billion) pension fund, will join the executive board June 1.
"In this way, we ensure that during a transition period Kare will have the opportunity to draw on Soren's many years of experience before he takes over himself," said Kim Duus, chairman of the board, in the news release.
Mr. Michelsen has led the investment department for just over three years. A spokeswoman said a replacement has not yet been named.
P+ used an external recruitment consultant to search for a new managing director, with Mr. Michelsen's appointment finalized "because he is the best candidate for the job. He has many years of management experience, extensive knowledge of asset management, deep insight into the financial markets and the mechanisms behind the operation of a pension fund. The fact that he already knows P+'s business model and organization from the inside is of course also an advantage," Mr. Duus said.
