A-P Fonden 3 (AP3), a Swedish national pension fund that has been hit by raft of senior departures this year, has lost Lennart Nordkvist, head of fixed income and foreign exchange management.

Nordkvist is expected to join Morgan Stanley, the investment bank. Morgan Stanley confirmed his arrival, though his role is unclear. At AP3 he will be replaced by Lars Orest, a fund manager at the Skr142bn (€15.5bn) fund - one of the country's six national funds.