Alecta's Board of Directors has commissioned CEO Magnus Billing to immediately launch an investigation that will find out whether the pension company's current investment strategy, risk allocation and asset management mandate are optimal. The work will be done by external investigators.

Alecta, which manages occupational pensions in Sweden, has lost about SEK 12 billion after the US banks Silicon Valley Bank and Signature Bank both recently collapsed. Magnus Billing has said it's too early to say what went wrong. He has also stressed that the loss constitutes a smaller part of the pension company's total portfolio.

Will be published

The investigation's conclusions will be made public, but it is still unclear when the investigation will be completed.

Alecta's press officer Jacob Lapidus does not want to say more about the investigation or make any further comments beyond the brief statement issued by the company.

In addition to the investigation, are you working in any other way to find out if something has gone wrong or if the investment strategy is optimal?

"I can't comment on that," Lapidus replies.

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"We want better than this, absolutely." Hear Alecta's CEO about the billion-dollar investments. Photo: SVT/Jonas Ekströmer/TT