His caution on floating rate investments was shared by Stefan Ros, CIO of Sweden’s Sparinstitutens Pensionskassa (SPK).Ros, in charge of SEK23bn (€2.6bn) worth of pension assets for the banking sector, said floating-rate products could eventually feature in the pension provider’s newly diversified portfolio.“Floating rates could be of interest once interest rates start rising again,” he said.SPK recently overhauled its investment strategy after Swedish regulator Finansinspektionen published details of the discount rate under Solvency II.“The ultimate forward rate (UFR) introduced in the new valuation curve will reduce the volatility of our pension liability by 50%, which, together with the temporary interest rate floor, filled us with confidence that we could substantially reduce our [fixed income portfolio’s] duration,” he said.Ros added that fixed income was still overvalued due to the country’s mark-to-market valuation of pension assets.But he said that, in the wake of the UFR’s introduction, it was “not as bad as it used to be”.“If we still want to do some liability hedging, swaps will be very useful, given the construction of the new curve,” he said.For more from Böhm, Ros and Blue Sky Group’s senior fixed income manager Arjan Stubbe on how they approach interest rate and credit risk, see On The Record in the current issue of IPE. Austria’s APK Pensionskasse has “mixed feelings” about floating-rate investments and is unlikely to consider exposure at present, according to the fund’s chief executive Christian Böhm.Böhm told IPE’s On The Record that the current challenge for its fixed income portfolio remained generating “decent” returns.“Floating rates only make sense for us when the real interest rates are reasonable,” he said. “Because of the current financial repression and the lack of inflation forecast for the near term, we are staying away from them for now.“Instead, we are looking for appropriately evaluated credit risks and as few real and nominal interest rate risks as possible.”
Among the issues to emerge during a 12 March debate in Parliament on the funding arrangements are concerns about returning to the concept of prudence to financial reporting, whether financial statements prepared under IFRSs portray a true and fair view of a company’s financial health, and governance woes at the IFRS Foundation.Sharon Bowles MEP, the British chairwoman of the European Parliament’s influential Economic Affairs Committee, warned in a statement released on 13 March, after a vote in Parliament on the funds, that the IASB and EFRAG were drinking in the last-chance saloon.“My parliamentary colleagues have done a great job in highlighting the much-needed reform of these accounting quangos, which will improve public confidence in how accounting standards are implemented in Europe,” she said.“We have, for the first time, shone a light on how bodies such as the IFRS Foundation and EFRAG are constituted and governed, which has not made for pretty reading.“Any potential conflicts of interest have to be weeded out, and, if they are not, then the Parliament has shown it has the power to withhold funding, which sends a powerful message.”Although Bowles steps down from the EP at the next elections in May, the IFRS Foundation can expect no let-up in the pressure they will face from MEPs when the new Parliament convenes.UK Conservative MEP Syed Kamall is widely expected to return to Brussels after the elections, and has carved out a reputation among Brussels observers as a fierce critic of the London-based accounting quango.Speaking during the 12 March debate ahead of the vote, Kemall asked whether it was “right for the EU to outsource standard-setting to what is in effect a private-sector body, funded by taxpayers’ money.”Among the areas where Kemall is expected to bring pressure to bear on the IASB are investor demands for a return to prudence as a basis for standard setting.In December, IPE obtained a copy of a letter from senior players in the UK asset management industry to the Financial Reporting Council, the UK Securities regulator, in which the investors demanded a return to prudence.The three signatories to the 25 November letter – the Association of British Insurers, the Investment Management Association and the National Association of Pension Funds – collectively manage around £7.2trn (€8.7trn) of assets.Also figuring among the investor concerns were the true and fair view override and the question of capital maintenance.The investors wrote in the letter: “We believe it materially correct to err on the side of caution – i.e. be prudent – in the face of uncertainty at an individual item level and view prudence as a predisposition.”The IASB removed references to prudence, or caution, from its conceptual framework in 2010.It substituted instead the concept of neutrality in a bid to align the IASB’s conceptual framework closer to the US GAAP framework.Fundamental to the increasingly politicised battle over the purpose of financial reporting and the role of IFRSs is the question of whether financial reporting should serve investors, on the one hand, or shareholders, a company’s owners, on the other.Any failure by the IASB and its parent body, the IFRS Foundation, could have serious consequences – among them politicians turning off the flow of cash.The EU currently contributes 17% to the Foundation’s annual budget by way of a grant.IFRSs are mandatory for all listed entities within the EU.Responding to comments from Dutch MEP Saïd El Khadraoui about the IFRS Foundation’s base, European Commission member Neelie Kroes said: “Things have changed. The centre of gravity of the IFRS has moved to the EU, so we need to review whether this structure remains appropriate.“The Commission, as a member of the IFRS Monitoring Board, will quickly ask for clarification and for the IFRS to address this issue as part of its next governance review.”Kroes acknowledged that the Foundation, whose governance structure is broadly comparable with that of the US Financial Accounting Standards Board, had used Delaware as a legitimate conduit for donations from US donors.In a statement posted on the IFRS Foundation website, the chairman of the foundation’s trustees, Michel Prada, confirmed the organisation would mount a review of its governance structure in 2015.He said: “We will give consideration to any recommendations related to enhancements of the governance arrangements of the Foundation as part of our public consultation on the structure and effectiveness of the IFRS Foundation, due to begin in 2015.”The IFRS Foundation was hit with penalties following an investigation by UK tax authorities into its income tax and national insurance affairs.“More recently, the Foundation’s compliance with company filing requirements for its UK Incorporation was found wanting.”Having robustly defended the Foundation’s filing compliance in an 11 February open letter, its chief executive Yael Almog was forced to concede just two weeks later that an internal review had thrown up “historic filing shortcomings” that were “inconsistent with our initial public response”. Members of the European Parliament have warned the International Financial Reporting Standards Foundation (IFRS Foundation) that it must address investor concerns about prudence in accounting and clean up its corporate governance act.The Delaware-based Foundation is the parent body of the International Accounting Standards board (IASB), charged with setting international accounting standards such as IAS19, the pensions-accounting rulebook used by listed companies across the European Union (EU).MEPs voted to stump up €43m of public money over six years to fund the activities of the London-based IASB, the Public Interest Oversight Board, which oversees international audit, ethics and education standards for the accounting professions, and the EU’s own adviser on accountancy issues, the European Financial Reporting Advisory Group (EFRAG).Release of the funds, however, will be conditional on the Foundation meeting the demands of an increasingly militant Parliament.
The €152bn Dutch healthcare pension fund PFZW is to increase its sustainable investments fourfold to at least €16bn over the next five years.Within this period, the pension fund has also committed to reducing the carbon footprint of its entire portfolio by 50%, according to Maurice Wilbrink, spokesman at PGGM, PFZW’s €178bn asset manager.His announcement followed the signing by PGGM of the Montreal Carbon Pledge, during the annual conference of the Principles for Responsible Investment (PRI).Wilbrink said PFZW’s sustainability target would consist of “direct investments in green energy and clean technology, sustainable climate-related solutions and investments in food security and against water scarcity”. The pension fund will also aim to halve the CO2 footprint of its investments before 2020 by comparing companies in each sector and subsequently picking the best performers, he said.Wilbrink added that the assessments would be made using carbon data available at the companies Sustainalytics and MSCI, complemented with data from South Pole and Trucost.He stressed that social and financial returns would go “hand in hand”, and that PGGM was convinced sustainable investments would generate sufficient returns for the pension fund.By signing the Montreal Carbon Pledge, investors committed themselves to measuring and annually publishing the carbon impact of their investments.Overseen by the PRI, the Montreal Carbon Pledge aims to attract €2.4bn before the UN Climate Change Conference in December 2015.On Thursday, the UK’s Environment Agency Pension Fund and the Joseph Rowntree Charitable Trust, as well as the US civil service scheme CalPERS, were among the signatories. The Carbon Pledge also allows investors to formalise their commitment to the goals of a recently introduced Portfolio Decarbonisation Coalition, co-founded by the UN Environment Programme Finance Initiative (UNEP-FI).According to the PRI, a growing number of investors, including the London Pensions Fund Authority (LPFA), VicSuper, AP4 and Etablissement du Régime Additionnel de la Fonction Publique (ERAFP), has already taken steps to measure the carbon footprint of their investments.It said 78% of the largest 500 publicly listed companies now reported their carbon emissions.,WebsitesWe are not responsible for the content of external sitesLink to website for Montreal Carbon Pledge
Mikko Mursula Ilmarinen has hired the chief executive of FIM Group, Mikko Mursula, as its new CIO, following the promotion of Timo Ritakallio.Mursula will join the €30bn pensions mutual no later than June next year, stepping into the role four months after Ritakallio is set to succeed Harri Sailas as chief executive and president of Ilmarinen.Commenting on the appointment, Ritakallio said: “Mikko Mursula has extensive and diverse experience of the investment markets, the ability to lead a demanding expert organisation, and he is well networked in both the Finnish and international capital markets.” Mursula is no stranger to Ilmarinen, having worked at the pension provider for a decade prior to joining FIM Asset Management in late 2010.He was promoted to chief executive of FIM Group in September 2013, three years after leaving the mutual to become managing director at FIM Asset Management.With a total of 20 years of experience in the investment management industry, Mursula initially joined Ilmarinen as equity portfolio manager in 2000.In early 2003, he was promoted to head of equities, overseeing a team of seven in charge of a €7bn portfolio. In 2007, he was then promoted to head of listed securities at Ilmarinen, a role he held until he joined FIM.He began his career at KPMG in 1992, working at AG Private Bankers and Opstock Securities.For more on Mikko Mursula, explore IPE’s archive of interviews
But China’s decades of having a one-child policy does, however, mean that not only is China catching up and competing in manufacturing, it has caught up with the West in terms of an ageing population and an increasing dependency ratio. The final chapter of a one-child policy means a worker has two parents and four grandparents to look after. Pensions and savings in China, have become as important a subject as in the developed nations.Addressing the issues of an ageing population is one of China’s key challenges. We are in the midst of a financial revolution in China that should have a major and hopefully positive impact on the issues of pensions and long-term savings. It will also open up many more opportunities for foreign financial firms willing to adopt a long-term strategy to developing a footprint in China, as well as creating new sources of attractive investment opportunities for pension funds in Europe and elsewhere.What China will be seeing over the next 20 years is a transformative policy shift in all areas of finance following on from its agricultural reform, and its property reforms. This is resulting in the opening of numerous sectors alongside a gradual liberalisation of the renminbi and of the capital account.These changes have created a natural and robust underlying demand across all financial products with new markets, new users and high growth rates that had not previously been realised due to financial repression, restricted capital flows and a previously stultified financial system. It is in many senses analogous to the UK’s ‘Big Bang’ financial reformation in 1996. Many have argued that focusing on short-term stimulus misses the far more important trend of a swathe of coordinated reforms that will utterly transform the country’s financial system.The most recent development in the ongoing transformation of the financial sector is the news that absolute control of multiple mainland asset management platforms will be an option for foreign parties, according to draft regulations released by the China Banking Regulation Commission. The China-focused consultancy Z-Ben Advisors reports that foreign entities may now be permitted to own a controlling stake in mainland trust companies, a dramatic change from the previous ownership limit of less than 20%. As it points out, the trust license offers immediate access to institutional and high net worth money, and is an ideal entry point for those who want to establish a substantial and far-reaching China footprint.Crucially, these trust-specific reforms are the thin edge of the wedge. Z-Ben believes FMCs, brokerages and the whole spectrum of mainland asset management will be available for foreign ownership within the next three years. The UK’s Big Bang transformed the country’s financial services industry from a heavily protected sector, closed to outsiders, into a global powerhouse. Now it is China’s turn.Joseph Mariathasan is contributing editor at IPE Joseph Mariathasan reports on the ‘Big Bang’ in China’s financial services industryI remember walking into a Shanghai brokerage in 1997, ragged lines of plastic chairs in front of a wall of flickering share prices, solitary figures sitting glazed and transfixed, timing when to make their next transaction or reverse an old one, often on the same day. Capitalism had returned to China, although both Marx and Adam Smith would have been turning in their graves (in opposite directions, one would have supposed), whilst Mao may have managed a quiet chuckle. It is not surprising the government has been keen on setting up long-term savings institutions such as life insurance companies and mutual fund companies. China needs institutional investors to move investment away from the day traders sitting in Shanghai brokerages and focus on investing for the long term.The introduction of stock exchanges in Shanghai and Shenzhen was intended as part of the process of transforming China from a centrally planned command economy, with all the distortions and inefficiencies that entailed, into the fastest growing major economy in the world, even after adjustment for biased statistics.The transition from the ‘iron rice bowl’, whereby the State provided and guaranteed employment, education, healthcare and housing (albeit at minimum levels) to one where market mechanisms and the ‘invisible hand’ of Adam Smith decide on the allocation of resources has transformed China’s economy. It unleashed the power of the country’s manufacturing capacity to the world at large, exporting deflation and the creative destruction of many of the developed world’s cherished industries, as they wilt under the competition of China’s immense and cheap labour force.
APG, Old Mutual, PPF, 300 Club, MSCI, Actiam Impact Investing, Investec Asset Management, KienhuisHoving Advocaten en Notarissen, Teslin Capital ManagementAPG – Guus Warringa is set to leave the Dutch pensions manager in September, after seven years with the firm. Warringa was instrumental in APG’s lawsuits, filed on behalf of main pension fund client, ABP, against Goldman Sachs, Morgan Stanley and JP Morgan for dealing in residential mortgage backed securities (RMBS). Warringa also campaigned against the financial transaction tax and the European Parket Infrastructure Regulation (EMIR) on behalf of APG. Warringa said he was leaving to take another step in his career.Old Mutual – Jane Goodland, currently co-head of sustainable investment at Towers Watson, is set to become head of responsible business at Old Mutual. Goodland has been with the consultancy for eight years and prior to joining in 2007 worked at HSBC Global Asset Management and Henderson Global Investors.Pension Protection Fund (PPF) – David Taylor has been appointed as general counsel for the UK lifeboat fund’s and joins its executive board. Taylor joined the organisation in upon launch in 2005 and remains in charge of developing the PPF’s strategy and managing the legal, policy and levy teams. His promotion to the board will see him become an executive director. Lægernes Pensionskasse – Chresten Dengsøe, ATP’s current chief risk officer and chief actuary, is to move to the Danish pension fund for doctors to take over as chief executive. Current chief executive Niels Lihn Jørgensen is set to retire 1 August after 25 years in the role. 300 Club – Ron Barin has joined the group of top investment professionals seeking to raise awareness of not challenging prevailant thinking. Barin is the CIO of the US pension fund for Alcoa and also oversees the Alcoa Foundation. He has previously overseen the pension fund of pharmaceutical firm Pfizer and worked at Esteee Lauder and Unilever in its treasury departments. MSCI – Antti Savilaakso has joined MSCI ESG Research as its European head. He will be based in London and responsible for analyst teams in EMEA. Savilaakso joins from Nordic financial services group, Nordea, where he was director of responsible investments. He previously worked in ESG analysis and corporate engagement at Dexia Asset Management (now Candriam) and ABN AMRO Asset Management.Actiam Impact Investing – Harry Hummels will step down as managing director from 1 June after the takeover of Actiam’s parent company SNS Reaal by Chinese insurer Anbang. Hummels will remain affiliated with Maastricht University, where he is professor of finance at the School of Business and Economics, and as European liaison for the Global Impact Investing Network.Investec Asset Management – Justin Simler has been appointed as investment director for the firm’s global mulit-asset team. He joins after a 10-year stint at Schroders where he was global head of product mangement for multi-asset. Simler will report to co-heads of the multi-asset team Philip Saunders, John Stopford and Michael Spinks, following the latter from Schroders.KienhuisHovingAdvocaten en Notarissen – Carl Luijken has been appointed as senior pensions fiscal specialist at the Dutch law firm. Luijken been as fiscal lawyer for pensions for many years and was previously head of the fiscal and legal department for Deloitte Pension Advisory. He will now support the Pension Services group at KienhuisHoving.Teslin Capital Management – Hein van Beuningen has been appointed to the board of directors for the Dutch asset manager, starting in September. Jan-Jaap Bongers will also join as a fund manager for its Darlin en Todlin investment funds. Van Beuningen joins from consulting firm Strategy, formerly Booz & Company, which was taken over by PwC last year. Van Beuningen will resign as a memer of Teslin’s supervisory board as a result. Bongers joins from ING Bank where he was director of leveraged finance.
KAS Bank – Sikko van Katwijk has been appointed as chief executive, succeeding Albert Röell, who is to become executive chairman at KPMG, after almost 11 years at the helm. At KPMG, Röell is to succeed Jan Hommen, the former executive chairman of ING Group. Van Katwijk has been a member of the managing board of KAS Bank since 2009 and responsible for commerce, operations and network management. Janus Capital – Preben Oeye has joined Janus Capital International as a senior sales director for the Nordic region, reporting to Jamie Wong, senior vice-president and head of institutions for the EMEA. Before taking up the role at Janus Capital, Oeye was at Mercer, where he was responsible for the distribution of the company’s fiduciary services and relationship management in the Nordics. Before then, he worked at bfinance and Fidelity Investments.Northern Trust – Sunil Daswani has been appointed by Northern Trust to the newly created role of head of international securities lending across the EMEA and Asia-Pacific (APAC). He started working at Northern Trust in 2002 and has held a number of roles in London and Hong Kong. In addition to his new responsibilities, Daswani will continue to oversee Northern Trust’s transition management sales and relationship management teams across EMEA and APAC. Dane Fannin and Mark Snowdon are taking on the newly created roles of head of securities lending, APAC, and head of Northern Trust’s capital markets client-servicing team in APAC, respectively. Before this appointment, Snowdon was a senior sales and relationship manager in Northern Trust’s London office. Fannin, meanwhile, will keep his existing responsibilities as head of the APAC trading desk alongside his new role. Neuberger Berman – Javier Nuñez de Villavicencio has been hired by Neuberger Berman to lead its client relationship management and business development activities in Spain and Portugal. Based in Madrid, he will report to Dik van Lomwel, head of EMEA and Latin America at the investment manager. Nuñez de Villavicencio previously spent more than a decade at BNP Paribas Investment Partners in Madrid, where he was head of Spain and Portugal. Mirae Asset Global Investments – Tatiana Feldman, SungWon Song, Malcolm Dorson and Michael Dolacky have been hired as investment analysts as the firm expands its global equity research team in the US. Feldman is a senior investment analyst focusing on global emerging markets ex Asia and was an investment analyst with INCA Investments before joining. Song, who will focus on the global healthcare sector, worked at Nationwide Children’s Hospital. Dorson, who will work on global emerging markets ex Asia, worked at Ashmore Group. Dolacky, who will focus on the global healthcare sector, joins from Senzar Asset Management. Robeco, Russell Investments, APG, Siaci Saint Honore, Towers Watson, KAS Bank, KPMG, Janus Capital, Mercer, Northern Trust, Neuberger Berman, BNP Paribas Investment Partners, Mirae Asset Global InvestmentsRobeco – Mark Barry has been appointed head of institutional business in London with immediate effect. He joins from Russell Investments, where he was managing director of institutional business. Barry will be responsible for developing Robeco’s relationships with a wide range of institutional clients across the UK market. He currently services UK institutional clients, mainly in fixed income, private equity, low-volatility equity strategies and emerging market equity.APG – Dick Sluimers is to resign as chief executive of Dutch civil service pension fund next year, having worked for APG and ABP for 25 years. He said he would dedicate himself to various advisory and management activities once he stepped down. APG has not yet decided on his successor. Siaci Saint Honore – Thierry de la Noue has joined consultancy Siaci Saint Honore in Paris, in the role of investment consultant. De la Noue joins from Towers Watson in Paris, where he was head of investment consulting.
The main change announced by the commission is the renewal of savers’ evaluation choices every seven years as one of the steps aimed at increasing the likelihood more people will get a better premium pension.The committee said its overall assessment was that it was possible to give people better outcomes without having to restrict the freedom of those who so wish to choose from a variety of asset managers and funds.It is proposing that new contributions be directed straight to AP7’s Såfa balanced default option. Savers would then be informed that the funds could be invested via any of the other management models, either by AP7 or through funds in the PPM fund marketplace.The rules for savers would come into force on 1 July 2017, according to the report.As for existing pension savers with funds already invested, the committee recommends the introduction of regular evaluation choices every seven years. Those who do not register any choice should – after a reminder – have their entire premium pension capital transferred to the default option, according to the report.The rule change for existing savers would enter into force on 1 January 2019, with a special transitional arrangement for pension savers who received their first pension benefits before 1 January 2012, according to the report.Thomsson said: “It is reasonable to require an active stance on a regular basis on the part of those who take the ‘own portfolio’ or ‘risk portfolio’ route.”In its report, the commission quantified the asset shift from the PPM fund of funds marketplace to AP7 that could occur as a result of its proposed changes.“Taking into account the volume of capital currently managed within the framework of the ‘own portfolio’ management model – from the fund-of-funds marketplace to AP7 around SEK580bn – and other investigations carried out into, among other things, pension saver behaviour, we believe this can be expected to lead to a significant transfer of capital from the funds within the own portfolio model to funds managed by AP7 Såfa,” the report said.The commission said it estimated between SEK100bn and SEK380bn divided among 600,000 to 2.3m individuals would be transferred as a result of the changes. New proposals aimed at improving the Swedish Premium Pension System (PPM) include requiring individuals to re-evaluate their fund choice every seven years – a change its committee says could mean up to SEK380bn (€39.6bn) flowing to the system’s default provider AP7.Inflows of this size would more than double the assets currently managed by AP7, the seventh national pension fund. It reported assets of SEK283bn at the end of June 2016.The Premium Pensions Committee, led by Patric Thomsson, former director in the Swedish finance ministry, submitted its report yesterday, 26 September, to the Minister for Financial Markets, Per Bolund.It had been tasked two years ago with investigating how the system could be changed to give better results for savers.
The PPF’s data reflected other estimates from leading UK consultants that all indicated improvements during April.JLT Employee Benefits estimated that, across all UK private sector DB schemes, the aggregate shortfall fell during the month to £78bn, from £131bn at the end of March.Assets grew by 1.3% while liabilities shrank by 2.1%, JLT reported.FTSE 100 company DB schemes were almost fully funded at the end of April, JLT’s data showed, with an aggregate funding ratio of 98% – its best position in nearly 10 years.Mercer estimated that the combined shortfall of FTSE 350 company DB schemes fell by £19bn during last month – the largest monthly funding improvement since the end of 2016.PwC also reported a significant fall in its estimated UK DB deficit for all private sector schemes, from £450bn at the end of March to £200bn at the end of April. PwC’s Skyval index typically produces a higher estimate than other firms as it uses a ‘gilts-plus’ methodology.Boris Mikhailov, investment strategist in Aviva Investors’ global investment solutions team, said fears of trade wars had reduced, boosting equities, while demand for gilts had fallen slightly due to falling demand for liability-driven investment strategies.Alan Baker, head of DB solutions development at Mercer, warned that asset values had remained broadly static “for several months” while liabilities had been volatile.This demonstrated “the importance of trustees and sponsors understanding the overall level of risk facing their pension scheme”, Baker said. “Trustees and sponsors should ensure they have plans in place to protect them from any downside and to ensure their exposure is in line with their risk appetite.”Charles Cowling, director at JLT Employee Benefits, added that the Bank of England’s decision on interest rates would be “crucial” for schemes in the next few months.“It had been thought quite likely that the Bank of England’s Monetary Policy Committee would raise interest rates at their next meeting on May 10th but the latest weak GDP growth figures may once again have put back the date of the next interest rate rise,” he said.“Additionally, the Bank of England is currently debating introducing greater clarity in its future interest rate plans, which would be of significant interest to pension schemes as they seek to plan and navigate their derisking paths.” The aggregate funding position of UK defined benefit (DB) schemes improved dramatically during April, according to new figures from the Pension Protection Fund (PPF).The aggregate deficit of UK DB schemes in the lifeboat scheme’s 7800 Index fell from £115.6bn (€131.7bn) at the end of March to £81.7bn at the end of April – an improvement of more than 29%.The data meant that UK schemes were on aggregate 95% funded.Assets rose to £1.58trn, from £1.57trn a month earlier, while total liabilities declined from £1.68trn to £1.66trn.
Lindeborg was promoted to the role of CIO in 2015 to replace Kerim Kaskal, becoming deputy to CEO Kerstin Hessius at the same time. He joined AP3 in 2009 as head of strategic asset allocation and was promoted to head of asset management in late 2014.Before 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 in its banking and asset management divisions and latterly as a strategist for four years. He moved to DNB from Skandia. Mårten Lindeborg, the chief investment officer and deputy CEO at Sweden’s AP3, has died after a short illness, the buffer fund announced yesterday. It expressed its “deep regret and profound sorrow”.“Mårten has been an important, dear colleague and an appreciated leader at AP3,” it said in a statement. “We send our heartfelt sympathies and condolences to his family.”