Magnus Billing is stepping down from his role as CEO of Alecta, Sweden's largest pension fund provider, after the company's investments in three U.S. banks led to large losses.
According to Reuters, Alecta had lost SEK 19.6 billion ($1.87 billion) from its shareholdings in First Republic Bank, Silicon Valley Bank and Signature Bank. Alecta said management and the board have been working intensively to isolate the losses and work through the processes within asset management to understand how the situation arose.
The company’s management assessed that the current investment decisions were within the framework and mandate established by the board. The losses have seriously damaged confidence in Alecta's asset management, and the board ultimately decided Billing would step down after discussing the right way forward for Alecta and how to restore trust.
“We would like to thank CEO Magnus Billing for the solid work he has put in during his time at Alecta for the
