Pension fund poaches cheif regulator to be new CEO

The head of Sweden’s Financial Supervisory Authority (Finansinspektionen), Ingrid Bonde, has announced she is stepping down to take a job leading one of Sweden’s largest pension funds.

“I have had six fantastic years with Finansinspektionen, but when I received this interesting and distinguished offer, I couldn’t say no,” said Bonde in a statement.

She went on to say that the change was made easier by the fact that her appointment as Director General of Sweden’s financial market regulatory body ends later this year.

The agency’s Director of Market Conduct, Erik Saers, takes over as Acting Director General starting on Thursday.

Bonde now enters a period of quarantine required before top officials from Finansinspektionen are allowed to start working for companies in the financial industry. She is expected to start her new position at AMF Pension sometime in the autumn, although the exact length of her quarantine will be decided by the government.

“We are very happy to have successfully recruiting Ingrid to this important job as CEO of AMF Pension,” said the chairman of the company’s board, Göran Tunhammar, in a statement.

AMF is publicly listed company founded in 1973 which manages 321 billion kronor ($53.5 billion) for approximately 3.6 million pension-savers. It is owned equally by the Confederation of Swedish Enterprise and the Swedish Trade Union Confederation (LO).