Investing
Swedish Pension Fund Hit by SVB Fallout Sees Departure of Chairman
- Chairman leaves with immediate effect amid real estate focus
- Exit comes in wake of $2 billion of losses on US banking bets
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Alecta, the Swedish pension fund embroiled in the SVB fallout and the country’s recent real estate turmoil, has announced that its chairman will leave with immediate effect.
Ingrid Bonde’s departure comes in the wake of a management clearout at Sweden’s largest private pension group following $2 billion of losses from failed investments in three US banks earlier this year. Those missteps have already forced out the fund’s chief executive officer and equities boss.