Jonna Ryhanen was named interim CIO at Elo Mutual Pension Insurance Co., Helsinki, effective Oct. 1, following Hanna Hiidenpalo's decision to step down.
Hiidenpalo will resign as CIO at the end of the month, but will continue as senior adviser until the end of the year, a news release said. She has led the investment team since Elo was established in 2014. Elo has €28 billion ($30 billion) in assets.
"Hanna Hiidenpalo has led with determination Elo's investment operations in a turbulent environment and with good results," CEO Carl Pettersson said in the news release. "She will leave her successor a competent and engaged investment organization. She has also played an important role in the development of Elo's new strategy. We are grateful for her strong contribution and wish her all the best in the future."
Ryhanen leads the allocation and alternative investments function for Elo. A search for a permanent CIO has started.