Sweden’s biggest pension fund has fired its chief executive after it lost almost $2bn on a failed bet on small US lenders Silicon Valley Bank and Signature Bank that recently collapsed.
Alecta, which has $110bn of assets under management, said on Tuesday that Magnus Billing had lost his job as chief executive with immediate effect as the large financial losses had “seriously damaged confidence” in its asset management.
“Alecta now needs to look ahead and forcefully implement the necessary changes,” said acting chair Ingrid Bonde.
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