Alecta, Sweden’s biggest pension fund, has appointed Axel Brandstrom, formerly the chief investment officer at Skandia Investment Management, as head of real assets, as part of a restructuring of the portfolio.
Brandstrom left Skandia in October 2019 and will step into his new role at the end of the month, according to Citywire Selector. The real assets division is newly created and will include Swedish and international real estate assets, managed by Lena Boberg and Frans Heijbel, respectively.
The role was created to accommodate growth of the insurance group’s real assets portfolio, which increased from 7 percent to 10 percent between 2016 and 2019.
The SEK 928 billion ($97.5 billion) pension fund amounts to 10 percent of the SEK 797 billion ($84 billion) defined benefit portfolio, as of September 2019.
