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Exclusive: Church of Sweden Pension Fund appoints new CIO

Exclusive: Church of Sweden Pension Fund appoints new CIO

Svenska Kyrkans Pensionskassa (Church of Sweden Pension Fund) has appointed Robert Johnsson as chief investment officer, Modern Investor can reveal.

This is a newly-created position at the €1.6 billion pension fund, Johnsson told Modern Investor.

Before joining the Church of Sweden Pension Fund as CIO, Johnsson was portfolio manager at KK-stiftelsen (The Knowledge Foundation) for five years.

There he co-managed the SEK 9 billion (€900 million) portfolio consisting of domestic and international equities, fixed income and alternative investments.

Prior to this, he held fund manager positions at various Swedish financial institutions, including Carnegie Fonder, HQ Fonder and Carnegie Asset Management, as well as at Morgan Stanley in London.

Church of Sweden Pension Fund divides its SEK 16 billion (€1.6 billion) portfolio into four asset classes, which are: fixed income, equities, real estate, and alternative investments.

Fixed income, which accounts for 53% of all assets invested, makes up the fund’s liability-driven portfolio. Of this, 41% is invested in Swedish corporate bonds, 56% in Swedish mortgage bonds and only 3% in the country’s sovereign and municipal debt.

The second largest allocation is to equities, which is made exclusively through external funds.

The fund uses SEB Ethos Equity Fund and Nordea Swedish Stars to invest in the Swedish stock market, while SEB Ethical Global Index Fund, Generation IM Global Equity Fund and Generation IM Asia Fund are used to access international stock markets.

The fund has around €650 million invested directly in real estate around Sweden. It also has alternatives portfolio, including investments such as environmental technology fund Alder and Thule Real Estate Fund.

In the past financial year, the fund returned 1.8%.

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