Stockholm (HedgeNordic) – Henrik Gade Jepsen, who assumed the position of investment chief at Swedish pension fund Alecta in December of last year, is stepping down from his role after an extended sick leave caused by complications from a Covid infection. He was expected to be fully recovered and resume his duties after the summer. Alecta has initiated the recruitment process for a new chief investment officer, while acting investment chief Kerim Kaskal will continue to serve in that capacity until further notice.

Jepsen began his tenure as Alecta’s CIO in December last year but had to take sick leave a few weeks later due to ”severe complications following a COVID infection.” Jepsen held the position of CIO at Danish pension fund ATP before serving as Head of Asset Management at Danske Bank for three and a half years until early 2020. Prior to joining Alecta, Jepsen most recently served as a senior advisor at Qblue Balanced, an alternative investment fund manager founded by Bjarne Graven Larsen, who was also a former CIO at ATP.

Henrik Gade Jepsen is the second member of Alecta’s management to depart the pension fund following significant losses incurred from investments in several U.S. banks during the spring. Alecta’s CEO Magnus Billing had to leave his role in April following estimated losses of SEK 19.6 billion from investments in Silicon Valley Bank, First Republic Bank and Signature Bank. In addition to replacing Magnus Billing with a new acting CEO – Alecta’s former Deputy CEO Katarina Thorslund, who will soon to succeeded by newly appointed CEO Peder Hasslev, Alecta implemented a series of changes within the asset management team.

Ann Grevelius was appointed as the Acting Head of Equities and Kerim Kaskal assumed the role of acting chief investment officer. Kaskal, who previously served as the CIO of state pension fund AP3, has been acting as Alecta’s interim CIO during Henrik Gade Jepsen’s sick leave and will continue in this position until further notice.