MADRID, 11 Abr. (EUROPA PRESS) -

The Swedish pension fund Alecta has announced this Tuesday that Magnus Billing will leave the post of CEO "with immediate effect", after the entity recorded losses of about 19,600 million Swedish crowns (1,715 million euros) for its exposure to Silicon Valley Bank (SVB) and Signature Bank, which were intervened in March, as well as First Republic Bank.

The decision to leave Billing comes after the Alecta board has analyzed "how trust can be restored" after what happened, the Swedish fund explained.

"The losses have seriously damaged confidence in Alecta's asset management," acknowledged the Scandinavian fund, which has appointed the current deputy CEO, Katarina Thorslund, as interim CEO and will begin the recruitment process to find a new CEO.

In addition, Ann Grevelius will assume the role of interim head of equities on April 20 and will lead a strategic review of how Alecta will manage its equity exposure going forward.

"The board has come to the conclusion that Alecta needs new leadership to implement the necessary changes in asset management and restore confidence," he explained.