Christian Hyldahl is to join ATP on January 1, the pension fund announced on October 28. He has been head of of Nordea Asset Management since 2011.
Jørgen Søndergaard, chairman of the ATP board, said: “Deep knowledge of the international financial markets, strong management skills has also been of our important criteria.”
Stendevad, who took up the CEO role at ATP in April 2013, announced his resignation in August. He is to return to the US for family reasons.
The pension fund made an investment return of 12.3% in the first three months of the year, taking its assets to 806 billion Danish krone (£96.9 billion), according to its most recent quarterly report.
Hyldahl has overseen the growth of Nordea’s multi-asset offering across Europe. The Nordea-1 Stable Return fund was shuttered by its managers in September, having grown – through client inflows and performance – to €18.7 billion. The firm manages a total of €202 billion, according to its latest available figures.
In September, Hyldahl told FN: “If you become too big, you are making it more difficult for yourself to generate alpha [outperformance over the market return]. We have a very strong track record and the investors have decided to invest in the fund due to this, and we don’t want to jeopardise it.”
Nordea was named Multi-Asset Manager of the Year at FN’s Awards for Excellence in Instiutional Asset Management, Europe, earlier this month.
Christophe Girondel, head of institutional and wholesale distribution at Nordea Asset Management, has been appointed acting head of the firm and the process of finding a permanent head will be initiated immediately, the company said.
Snorre Storset, head of wealth Management at Nordea, said: “[Christian] leaves an organisation in good shape, the journey of Nordea Asset Management is outstanding. It is a recognition of Christian’s leadership and of Nordea, that one of our experienced managers is appointed CEO for this central institution of Denmark.”