One of Sweden’s top pension fund managers has been fired after it invested in collapsed US banks Silicon Valley and Signature.
In a statement today, Alecta. Sweden’s largest pension fund, said Magnus Billing, its chief executive, has left with immediate effect due to the losses on its holdings in US banks.
Alecta announced recently it had lost Skr19.6bn (US$1.87bn) from shareholdings in SVB, Signature and First Republic.
"The losses have severely damaged the trust in Alecta's asset management," the company said in a statement.
Billing's departure follows that of Liselott Ledin, head of equities, last week.
"The board has concluded that Alecta needs new leadership in order to implement the necessary changes within the asset management and re-establish trust," it added following Billing's departure.
Deputy chief executive Katarina Thorslund will head the company while it searches for a new chief executive.
Alecta has around US$109bn in funds under management.