SWEDEN- The 140 billion crowns (15.2 billion euros) buffer fund AP Foersta Fonden, the First Swedish National Pension Fund, has appointed SEB Asset Management’s Rikard Kjoerling to the new position of head of external management.

The head of external management will be responsible for the fund’s 15 external mandates, which account for 25% of the fund’s assets.

Kjoerling will supervise tendering processes, implementation and will be responsible for performance assessments, responsibilities, which have been shifted from internal management.

Nadine Viel Lamare, AP1’s director of public relations, said the fund had created the position in order to bring reporting on external management, which have been so far split among different internal managers, under one roof.

The fund is 58% invested in equities (12% Swedish, 41% foreign and 5% emerging markets). Another 40% of the portfolio is invested in Swedish, foreign and index-linked bonds, 1% in foreign exchange cash and 2%in real estate. AP1 has a 20% currency exposure.

Kjoerling, who heads SEB’s life insurance portfolio Trygg Hansa Liv, might leave in August, a company official said, but the asset management firm has not yet selected his successor.

Lamare said it was not yet clear as to when Kjoerling would start at AP1.

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