Sweden's Top Pension Fund CEO Sacked Over $2 Billion Loss on US Bank
TL;DR
Alecta, Sweden's largest pension fund, has fired its CEO, Magnus Billing, "with immediate effect" after the company lost almost $2 billion on investments in Silicon Valley Bank and Signature Bank, two of the three largest banking failures in U.S. history. The losses have damaged confidence in Alecta's asset management, and the company is looking to restore trust with a leadership change. Alecta began buying shares in the three American banks in 2017 and increased its holdings in the following years.
Topics:businessfinance#alecta#asset-management#banking-failure#finance#leadership-change#silicon-valley-bank
- Weeks after his ‘big failure’ losing almost $2 billion on SVB, Sweden’s top pension fund chief sacked ‘with immediate effect’ Fortune
- Sweden's Alecta Forces Out CEO After US Bank Losses Bloomberg Television
- Sweden's top pension fund fires chief Magnus Billing after US bank losses Financial Times
- This pension fund was a top six shareholder in SVB, Signature and First Republic. Now it's dismissed the CEO. MarketWatch
- Chairman of Sweden's Top Pension Fund Says She Offered to Quit Bloomberg
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