One of the most surprising victims of the recent U.S. banking crisis is a Swedish pension fund
that later pivoted toward crypto. In 2019, two years after Frennberg left, it added start-up friendly SVB as well as First Republic, which specializes in private banking for wealthy clients. At the end of 2022, it was the fifth-biggest owner of SVB and First Republic, and the sixth-biggest holder of Signature, according to data compiled by Bloomberg.
In Sweden, the optics looked even worse as Alecta had recently exited stakes in two local lenders, Svenska Handelsbanken AB and Swedbank AB. Speaking to Bloomberg, Bonde said that she had offered to resign but was rebuffed by both the board and supervisory board. “I then felt that it was a vote of confidence and a responsibility that I had to take, and I therefore accepted it,” she said.
In a statement made at the supervisory board meeting, Alecta’s General Counsel William McKechnie said that an internal investigation has concluded that the decision to invest in the US banks was “within the limits and delegated mandates provided by the board.” At the same time, Alecta has expanded its alternative investments in areas such as real estate, infrastructure and private equity to bolster returns. In mid-2021, the fund had 12% of its assets in alternative categories. By the end of last year, that share rose to almost 22%.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MEP pension fund set to run out of money by 2025\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Read more »
How I Manage My Money: Jewellery business owner, 33, on £1,850-a-month with no pensionHow I Manage My Money: Ruth Chipperfield is a jewellery business owner, 33, on £1,850-a-month who wants to buy £280k house she rents. She’s building up a rainy-day savings fund at present and hasn’t started saving money in a pension yet ⬇️ By Jane Denton
Read more »
Pension schemes to target BP’s Lund over backtrack on climate pledges\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
Pension schemes to target BP’s Lund over backtrack on climate pledges\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
UK pension funds urge Hunt not to force them to invest in riskier assets\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
People on State Pension or benefits set to receive payments early next weekThe Department for Work and Pensions (DWP) is also expected to announce similar changes soon
Read more »