Katarina Torslund, acting CEO of Sweden’s largest pension fund Alecta, reported “failed investments” in US banks, resulting in the fund losing nearly $2 billion. Bloomberg.
In March this year, Alecta announced that the fund expects to lose all of its $1.1 billion investment in Silicon Valley Bank (SVB) and Signature Bank. At the same time, Alecta sold its entire stake in the US-based First Republic Bank for $941 million.
“To be clear, the investment in US banks was a failure and we shouldn’t be in this situation,” Thorslund said.
Formerly US magazine Newsweek calculatedOn the backdrop of the bankruptcy of Silicon Valley Bank (SVB), pension funds worldwide lost millions of dollars.
March 11 for the first time since the 2008 financial crisis in the US bankrupt one major bank is Silicon Valley Bank (SVB), which ranks 16th on the list of the nation’s largest lenders.