the Swedish fund sends home the ad Billing-Corriere.it
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«The board has come to the conclusion that Alecta needs new leadership to implement the necessary changes in asset management and to recover confidence”, reads the note announcing that Billing is leaving his post “with immediate effect”. Deputy CEO Katarina Thorslund has been named CEO and a process has begun to identify Billing’s successor.
Following the announcement in Stockholm, Alecta said it is trying to restore confidence in the fund. The US financial crisis is crucial. Alecta lost SEK 7.5 billion ($720 million) alone on the sale of shares in San Francisco-based bank First Republic in March. The fund previously said it lost SEK 12 billion on the collapse of Silicon Valley Bank and Signature Bank in the US.
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