The Swedish pension fund, which was affected by the US banking crisis in 2023, is at risk of possible sanctions for investment missteps that led to losses of $ 3.2 billion and write-downs.
FSA spokesman Tomas Tolonen said Alecta had been notified by the Financial Supervisory Authority in Stockholm that a preliminary investigation into its stakes in three defunct lenders, including landlord Heimstaden Bostad, AB and Silicon Valley Bank, had been placed under sanctions review.
“Before taking a sanction decision, we will make a sound legal assessment of the observations we have made in an investigation,” Tolonen said. He added that such a decision would be made by the FSA’s board of directors.
The fund’s 39% stake in the Swedish landlord is also the subject of a bribery investigation by prosecutors in Sweden, but it is unclear whether any of the current or former directors will face criminal charges.
At Alecta, which manages around $120bn for a quarter of the country’s population, senior executives were sacked and two failed chairman appointments were made due to deteriorating investments. The fund revamped its board this spring with new finance and legal experts to overhaul its governance and investment processes.
The pension group will publish a performance report for the second quarter on 20 August.
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