Petter Odhnoff, CIO of the Second Swedish National Pension Fund/AP2, leaves his post following discussions with the Fund’s CEO and Board of Directors.

This decision is the consequence of an audit conducted by the Swedish Tax Authorities, indicating that Petter Odhnoff has been engaged in a number of transactions connected with an account in a foreign bank, as well as certain shareholdings. These transactions have not previously been declared for tax purposes. Nor have these transactions been reported in compliance with the Fund’s guidelines on share transactions.

“I understand that confidence in me will have been undermined by my actions, especially in view of my responsible position as a senior manager in charge of other personnel. As a result, and in consultation with the CEO and the Board of Directors, I have designed to resign my post.”

Eva Halvarsson, CEO of the Second Swedish National Pension Fund/AP2, regrets that this situation has arisen, but stresses that the decision is mutual.

“It is disappointing, especially as Petter has been with us from the very start and, with his excellent input, has contributed to building the Fund from the ground up,” says Eva Halvarsson. “Nevertheless, I and the Fund’s Board of Directors feel that Petter Odhnoff, in the light of what has happened, must resign his post.”

“It is first and foremost a matter of trust. We have a comprehensive set of regulations, but this will naturally require that I, as new CEO of the Fund, shall have to review our report routines and regulations,” Eva Halvarsson adds.

Tomas Franzén, Head of Asset Allocation, and Poul Winslöw, Head of Equities, will take over Petter Odhnoff’s responsibilities within the Fund’s executive management. Poul Winslöw has been appointed acting head of day-to-day portfolio management.

Questions should be referred to Eva Halvarsson, CEO of the Second Swedish National Pension Fund/AP2 on +46 (0)31-7042909, or Petter Odhnoff, on +46 (0)708-291100.