Sweden’s top pension fund fires chief Magnus Billing after US bank losses
Sweden’s biggest pension fund has fired its chief executive after a bet on failed US lenders Silicon Valley Bank and Signature Bank left it with losses of almost $2bn. Alecta, which has $110bn of assets under management, said on Tuesday that Magnus Billing had left as chief executive with immediate effect as the losses had “seriously damaged confidence” in its investment strategy.“We are in the business of providing comfort to our customers and that their money is safe with us. In the past few weeks it became evident there is a need to rebuilt trust,” chair Ingrid Bonde told the Financial Times. Alecta has emerged as one of the biggest losers from the recent banking turmoil in the US, where the Swedish pension fund was a large shareholder in SVB and Signature. It was also a share...