Sweden’s biggest pension fund manager Alecta has ousted its CEO Magnus Billing following massive losses in high-risk US bank investments.The SEK1.2 trillion (US$117 billion) fund invested around US$2 billion in Silicon Valley Bank (SVB), the Signature Bank and First Republic Bank (FRP). Before he was fired to restore confidence in...
Sweden’s biggest pension fund manager Alecta has ousted its CEO Magnus Billing following massive losses in high-risk US bank investments.The SEK1.2 trillion (US$117 billion) fund invested around US$2 billion in Silicon Valley Bank (SVB), the Signature Bank and First Republic Bank (FRP). Before he was fired to restore confidence in...