Peder Hasslev was appointed CEO of Alecta, Stockholm, effective Sept 1., a spokesman confirmed.
Mr. Hasslev will replace Katarina Thorslund, who was named acting CEO following the departure of Magnus Billing in April. Long-term CEO Mr. Billing left after the pension fund's board said it wanted to restore trust following losses related to collapsed U.S. banks.
"Peder has a deep understanding of asset management of the size that Alecta operates and has solid industry experience," Jan-Olof Jacke, vice chairman of Alecta's board, said in a news release Thursday.
Mr. Hasslev's appointment is subject to a customary review by Sweden's Financial Supervisory Authority.
Alecta had 1.19 trillion Swedish kronor ($114.6 billion) in assets as of March 31.
Mr. Hasslev is CEO of venture capital company Saminvest and chairman of the board of Denmark's PFA Pension. A Saminvest spokesman said the recruitment for a new CEO hasn't yet been finalized.
Alecta had a total 12 billion kronor exposure to Silicon Valley Bank and Signature Bank, which was written down to zero following the collapse of the banks. The pension fund also sold a 9.7 billion kronor holding in First Republic Bank at a loss, divesting its exposure in March for 7.3 billion kronor.
Then-CEO Mr. Billing was asked to conduct an investigation into the investments. The pension fund made a number of changes in April, including the replacement of its equities chief and the altering of its approach to equity investments to reduce the risk associated with holding high stakes in individual non-Swedish companies.
