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Varma Investment Chief Leaves for CEO Role

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Stockholm (HedgeNordic) – Reima Rytsölä is leaving his role as deputy CEO and CIO at Finnish pension fund Varma to become the CEO of Solidium, a limited liability company wholly owned by the State of Finland that owns minority stakes in 12 listed companies. Varma will start the search for a replacement immediatelly, with Rytsölä set to take on the duties of CEO as soon as possible but no later than October 1 this year.

“Reima Rytsölä has a long and versatile experience from finance sector and lately especially from demanding investment management positions,” comments Solidium’s Chairman of the Board, Harri Sailas. “He has excellent knowledge of Solidium’s operational field and fulfils all the criterion that Solidium’s Board has outlined for the position.” Solidium is a limited liability company with the mission of strengthening and stabilizing Finnish ownership in nationally important companies and increasing the value of its holdings longer term. Solidium is a minority owner in twelve listed companies, including Nokia, Sampo, Stora Enso, among others, with its investments reaching a combined market value of about €8.6 billion.

”The position has significant value for Finnish society and I welcome it with enthusiasm and a humble mind.”

”The position has significant value for Finnish society and I welcome it with enthusiasm and a humble mind,” comments Reima Rytsölä, the new CEO of Solidium. “Solidium has during previous years established its position as an important developer of Finnish ownership and I value the possibility to continue and further develop that work, together with an extremely professional organization.”

Reima Rytsölä has been chief investment officer at Varma since 2014. The pension fund giant saw its investment portfolio achieve the highest annual return in its history last year. Bolstered by private equity, public equities and hedge funds, Varma’s investment portfolio reached a return of 18.5 percent in 2021 to add €9.3 billion in asset gains, with the value of Varma’s investments growing to €59 billion at the end of last year from about €50 billion at the end of 2020. Varma’s hedge fund investments, which accounted for about 16 percent of the pension fund’s €59 billion-investment portfolio at the end of 2021, generated a return of 15.3 percent last year.


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Eugeniu Guzun
Eugeniu Guzun
Eugeniu Guzun serves as a data analyst responsible for maintaining and gatekeeping the Nordic Hedge Index, and as a journalist covering the Nordic hedge fund industry for HedgeNordic. Eugeniu completed his Master’s degree at the Stockholm School of Economics in 2018. Write to Eugeniu Guzun at eugene@hedgenordic.com


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