Pensions
Alecta Reports 5.9% Q1 Return After Losing Billions on Regional Banks
The Swedish pension fund saw its assets grow to $118.68 billion.
Swedish pension funds Alecta and AP3 have made several strategic hires following Alecta’s losses in the spring’s U.S. regional bank failures.
The Swedish pension fund fired its CEO and replaced its head of equities earlier this year after losing $2 billion from the collapse of Silicon Valley Bank.
Magnus Billing lost the confidence of the pension fund’s board, and Katarina Thorslund has been named acting CEO.
Liselott Ledin was placed on leave after Sweden’s largest pension fund lost almost $2 billion during recent U.S. banking failures.
Private market returns have come down off the highs, but institutional investors are keeping the faith.
Second close is expected to net another $750 million.