September 2, 2019 / 10:56 AM / 16 days ago

CEO of Swedish pension fund AP1 leaves after alleged rule breach

STOCKHOLM, Sept 2 (Reuters) - Sweden’s AP1 state pension fund alleged on Monday that its chief executive Johan Magnusson had breached internal rules governing trading and said he was leaving with immediate effect after losing the confidence of its board.

While there was no suggestion any crime had been committed, it would damage public trust in the fund if Magnusson stayed on as CEO, AP1 Chairman Urban Hansson Brusewitz told Reuters.

Magnusson could not be immediately reached for comment.

AP1, one of the Nordic country’s state-controlled pension funds, managing assets worth 352 billion Swedish crowns ($37 billion) announced Magnusson’s sudden departure in a statement.

“It’s a clear breach of our internal rules regarding trading and holding of financial instruments,” said Hansson Brusewitz, who declined to disclose further details.

It would “a couple of months” to get a new CEO in place, Hansson Brusewitz said. Meanwhile, Chief Legal Officer Teresa Isele will serve as acting CEO. ($1 = 9.6050 Swedish crowns) (Reporting by Johan Ahlander)

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