Tomas Nicolin as stepped down as chief executive of the €13bn ($16.4bn) Swedish national pension fund A-P Fonden 3 (AP3), to take up the reigns at Alecta, one of the country's largest mutual fund and pension providers.

Nicolin will replace Lars Otterbeck who is retiring this year. AP3's board is meeting next week to discuss a replacement for Nicolin, who is expected to start at Alecta this summer.