Europe’s fifth-largest manager of pension assets is urging European Union governments not to punish the U.K when it negotiates its way out of the bloc.

“My worry is that attitudes will be too harsh,” said Magnus Billing, chief executive officer at Alecta, which manages 770 billion kronor ($85 billion) worth of pensions. “We need the U.K. even after its exit. It’s an important economy, it’s an important partner," Billing said in an interview in Stockholm.

Sweden will lose a major ally in the EU when the U.K. leaves. Both countries are free market fans, have opted out of the European single currency, are net contributors to the EU budget and oppose ceding too much power to Brussels. The U.K. is also Sweden’s third biggest export destination outside the Nordic region, behind Germany and the U.S.

There are growing concerns that the looming Brexit talks may turn ugly as remaining member states seek to deter others from leaving the bloc.

David Fuller's view

Magnus Billing of Alecta is right to speak out and many more people from the European private sector should follow his lead.  If the EU’s negotiations are left in the hands of unelected bureaucrats and politicians likely to be thrown out at the next election, their crash and burn mentality will not be in anyone’s interests.