AP3 has promoted its head of asset managing to CIO, weeks after it confirmed that current CIO Kerim Kaskal would be leaving the SEK304bn (€32.9bn) buffer fund.

Mårten Lindeborg’s promotion to CIO, which took effect from the beginning of the month, will also see him act as deputy to managing director Kerstin Hessius.

Lindeborg joined AP3 in 2009 as head of strategic asset allocation and was promoted to head of asset management in late 2014.

Prior to joining the buffer fund, Lindeborg was head of tactical asset allocation at DNB Nor, a company where he also served as portfolio manager upon joining in 2001.

He began his career at Skandia Liv and spent 11 years within the group, working at its banking and asset management divisions, latterly as a strategist for four years prior to joining DNB.

Commenting on his appointment, Hessius said: “Mårten has made a major contribution to developing the fund’s asset management strategy and has built a strong team with a stringent risk-management framework.

“He has also consolidated the fund’s strategy in sustainability issues in the context of the total portfolio.”

Kaskal is leaving in October after 2 years at AP3 to launch his own fund management business.

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