The fallout from Silicon Valley Bank has expanded into Sweden’s largest pension group after the fund more than doubled its holdings in the Californian bank over the past year.
Stockholm-based Alecta, which oversees more than $104 billion in assets, was SVB’s fourth-largest shareholder at the end of last year with a stake of $605 million, according to data compiled by Bloomberg. After one 60% dive in SVB’s stock on Thursday, the value of the stake was worth only 279 million dollars.