Danish Pension Fund ATP Recruits Nordea Asset Management's Hyldahl as CEO

Oct 28 2016 | 8:07pm ET

The chief executive of Stockholm-based Nordea Asset Management, Christian Hyldahl, has agreed to take the reins of Denmark’s largest pension fund effective January 1.

He replaces Carsten Stendevad, who has been CEO of ATP since 2003 and whose resignation was announced in August.

Hyldahl joined Nordea in 2000 and became CIO of Nordea Investment Management in 2011. He was named chief of Nordea Asset Management in January 2015. 

Nordea will begin a search for a permanent successor immediately, according to a statement. In the meantime, Christophe Girondel, head of institutional & wholesale distribution, has been named acting head of asset management.

ATP manages approximately $118.8 billion in pension assets for around five million Danes. The fund’s investment portfolio earned a return of 12.3% in the third quarter of 2016, driven primarily by private equity contributions as well as fixed-income, credit, real estate and infrastructure investments, ATP said. The fund’s total YTD return on both the investment portfolio and hedging activities stood at 17.6% as of September 30.

Nordea Asset Management is part of the Nordea Group, the largest financial services group in Northern Europe. It manages approximately €202 billion for global investors across a broad set of investment funds.

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