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03-10-2023, 10:35 AM
Richard Milne, Nordic and Baltic Correspondent YESTERDAY
The chair of Alecta has become the latest senior executive to leave Sweden’s biggest pension fund as regulators expand their probe into a series of botched investments.
Ingrid Bonde said on Monday that she would resign as chair of Alecta with immediate effect, six months after ...... the Swedish fund ended up as one of the biggest losers from the collapse of several US banks, including Silicon Valley Bank.
......
Alecta’s strategy of making large concentrated bets has come under increasing scrutiny in Sweden.
Alecta was the fourth-largest shareholder in Silicon Valley Bank, the fifth-biggest in First Republic Bank and the sixth-biggest in Signature Bank. The investments left the fund with $2bn in losses.
......
Sweden’s FSA is looking into Alecta’s risk management and whether the fund complied with rules when it made a SKr50bn (US$4.6bn) investment in Heimstaden.
......
The fund is one of Heimstaden’s biggest investors with a 38 per cent stake.
......
Alecta is examining its model of concentrating on a few large investments, which had worked well before turmoil swept the banking sector in the first quarter of the year.
The fund had boasted to the local media just before the crisis about how it had sold out of Sweden’s most conservative bank and instead invested in the niche US lenders.
https://www.ft.com/content/13233fb9-9a24...9dc0ba456c
The chair of Alecta has become the latest senior executive to leave Sweden’s biggest pension fund as regulators expand their probe into a series of botched investments.
Ingrid Bonde said on Monday that she would resign as chair of Alecta with immediate effect, six months after ...... the Swedish fund ended up as one of the biggest losers from the collapse of several US banks, including Silicon Valley Bank.
......
Alecta’s strategy of making large concentrated bets has come under increasing scrutiny in Sweden.
Alecta was the fourth-largest shareholder in Silicon Valley Bank, the fifth-biggest in First Republic Bank and the sixth-biggest in Signature Bank. The investments left the fund with $2bn in losses.
......
Sweden’s FSA is looking into Alecta’s risk management and whether the fund complied with rules when it made a SKr50bn (US$4.6bn) investment in Heimstaden.
......
The fund is one of Heimstaden’s biggest investors with a 38 per cent stake.
......
Alecta is examining its model of concentrating on a few large investments, which had worked well before turmoil swept the banking sector in the first quarter of the year.
The fund had boasted to the local media just before the crisis about how it had sold out of Sweden’s most conservative bank and instead invested in the niche US lenders.
https://www.ft.com/content/13233fb9-9a24...9dc0ba456c
