Sarah McPhee has been named chair of AP4, returning to the Swedish buffer fund she left more than a decade ago.

McPhee, who until last year was chief executive of insurer SPP, replaces Monica Caneman, who has served as AP4’s chair since 2008.

In a statement, McPhee said she was honoured to be appointed to chair the fund’s board and praised its solid returns over the years, as well as its approach to addressing the risks of climate change.

She added that taking the challenges posed by climate change seriously was “essential” to maintaining steady growth.

Prior to joining SPP in 2008, McPhee spent four years as CIO at Sweden’s largest pension provider, AMF, but she also spent three years as head of ALM and compliance at AP4.

Since departing SPP, she has set up her own advisory business and taken on a non-executive position on the board of Swedish payment provider Klarna.

Her arrival at AP4 comes at a time of significant management change, after chief executive Mats Andersson announced in March that he would be leaving after 10 years in the role.

The fund’s former head of global equities, Björn Kvarnskog, last year announced he was relocating to Australia to join the Future Fund as head of equities.

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