SWEDEN - The SEK214bn (€23.5bn) buffer fund AP4 has hired Per Berglund as new currency and fixed income portfolio manager.

He is taking over from Maria Jogi who left the fund in spring, Leif Hässel, head of fixed income and FX at AP4, confirmed to IPE.

Berglund "will be involved in the fixed income management as well," Hässel added. Berglund joins the fund from mobile producer Ericsson where he was senior dealer.

At June 30, currency exposure amounted to 15.3% of AP4's total assets.

And in its interim report for 2007, AP4 pointed out the currency exposure "made a positive contribution to the fund's active return".

"The primary source of the favourable trend was the positioning for a stronger Norwegian krona against the euro. The fund reduced its exposure in euro and GBP in parallel with a corresponding increase against Japanese yen. The Fund's assessment is that the Japanese yen is undervalued."

Net profit for the first half totaled SEK12.8bn corresponding to a net return on assets of 6.3%.

Topics