The chief executive of one of Sweden’s high-profile national pension buffer funds has been sacked with immediate effect for breaking the fund’s securities trading rules.In a statement this morning, Stockholm-based AP1 said its supervisory board had decided to dismiss Johan Magnusson from his position as chief executive of the fund with immediate effect.It said: “The step has been taken by the board in light of the fact that the chief executive has breached the fund’s internal regulations regarding the holding and trading of financial instruments.”In the meantime, the SEK352bn (€32.7bn) fund’s current chief counsel Teresa Isele has been appointed as acting chief executive, AP1 said, while the process of recruiting a permanent replacement for Magnusson would begin immediately. Urban Hansson Brusewitz, chairman of AP1’s supervisory board, said: “Johan Magnusson has successfully developed AP1 during his time as chief executive, which the board thanks him for. Unfortunately, since it has emerged that Johan has breached the internal regulations, he does not have the board’s continued confidence.” Johan MagnussonThe board had therefore unanimously decided it was not possible for Magnusson to continue in his role, Hansson Brusewitz said.“The fund is an organisation with very competent employees who will now be led by Teresa Isele until a new chief executive takes office,” he said.In December, Magnusson was criticised by the supervisory board for arranging a staff trip to France in 2016, which took place at a conference facility in Languedoc – near to where Magnusson owns a private flat.He has headed up AP1 since March 2008, and before that was global head of investment management at SEB Wealth Management, according to his profile on LinkedIn.Previous roles include a two-year stint as portfolio manager for Lloyd George Management in Hong Kong, and seven years as portfolio manager at ABB.
Ruby Walsh felt the lack of experience in an ultra-competitive contest such as the Hennessy Gold Cup contributed to Djakadam’s downfall in the Newbury feature last Saturday. “I was a little bit disappointed initially and then when I thought about it, I wasn’t that disappointed,” Walsh told Racing UK. “I’d just say he wasn’t battle-hardened enough. It was his first run of the season, he hasn’t got many miles on the clock. “He travelled well, he jumped well. I thought going to the cross fence I had a great chance. He just got tired going into the straight and then started to run on again and then he missed the second last, but the race was over at that stage. “I’m sure he’ll improve a lot for it. “When you’re at that level of a race, you probably do need miles on the clock. As a five-year-old, he just wasn’t battle hard enough for it. “I’ve not discussed it with Willie yet. He’s off a mark of 142, it will be hard to step him into a Grade One. “He needs to show he’s better than that to warrant a place in a Grade One. I imagine Willie will find a race for him somewhere along the way. He’ll be a lot better for the run.” Press Association The five-year-old was sent off 5-1 favourite for what was only his fourth run over fences. Though he briefly flattered, he eventually finished eighth behind Many Clouds. Djakadam won a four-runner Grade Two novice chase at Leopardstown in January, but Walsh believes the Willie Mullins-trained gelding has not yet earned his place at the top table.
Newly-promoted Ghana Premier League side Dreams FC have unveiled three new signings ahead of the 2015-16 league season.The trio namely Mozart Adjetey, David Korbah and Alhassan Kalusha were unveiled at the club’s secretariat on Thursday after sealing their contracts with the Kweiman side.Goalkeeper Adjetey joins Dreams from relegated Heart of Lions where he is expected to bring his Premier League experience to the fore for the club.Mozart will also be expected to provide the needed competition to current number one Owusu Banahene.Korbah, a centre-back , on the other hand will be looking to kick start his career after a relatively torrid spell with Kumasi Asante Kotoko.He was plagued by injuries for the majority of his time with Kotoko and was eventually transfer shortlisted at the end of the current season. Kalusha is an enterprising midfielder signed from Division One League side Tamale Utrecht.The young midfielder had a stint in Namibia prior to joining the Tamale side.The trio will be expected to strengthen the newly promoted side ahead of their first ever season in the First Capital Plus Premier League.–Follow Joy Sports on Twitter: @Joy997FM. Our hashtag is #JoySports