Alecta Pension Fund Ousts CEO Over US Bank Losses
Sweden's largest pension fund, Alecta, has fired its CEO, Magnus Billing, after the fund suffered significant losses from investments in US banks. The fund lost SEK 11bn ($1.2bn) in the first quarter of 2020, largely due to the impact of the Covid-19 pandemic on the US economy. Billing had been CEO of Alecta since 2016.