The head of equities and a top executive in fixed income and currency at AP4, the fourth national Swedish pension fund which yesterday reported disappointing investment returns for 2007, have left.

The announcement of the departures of Anders Årjes and Leif Hässel came on the same day the fund reported investment returns of 2.4% in 2007, however AP4's chief executive Mats Andersson said the exits were unrelated to the results. He added both investment heads had been with the fund for several years and wanted to move on. Their destination is unknown.