The $117 billion Future Fund has hired AP4’s head of equities as part of its bid to hire the very best global talent to its investment team.

Björn Kvarnskog will take over as the Future Fund’s head of equities early in 2016, from Sarah Carne, who has held the position on an interim basis. He will also join the investment committee.

Kvarnskog has served as head of equities at the Swedish pension fund AP4 since 2008.

The $45 billion fund, based in Stockholm, manages around 80 per cent of its assets in-house and allocates on three time horizons – long-term (40 years), medium-term (3–5 years), and short-term (6–12 months).

The appointment follows the hiring in 2014 of Joel Posters as head of environmental, social and governance risk management, from Rabobank in the Netherlands and Craig Dandurand, director of debt and alternatives, from CalPERS, the Californian public sector pension fund.

Dr Raphael Arndt, the chief investment officer at the Future Fund, said: “Björn will bring his extensive experience in long-term investing and leadership to the Fund. Bringing together different investment perspectives is enormously important to how we run the portfolio and he will be a great addition to our thinking.”

He also thanked Sarah Carne for a “tremendous job” in filling the acting head of equities position while the fund undertook its recruitment process.