Swedish pension fund sacks CEO over US bank losses

SWEDEN’S Alecta, one of the country’s largest pension funds, said today it was replacing its CEO, after the fund lost almost 20 billion kronor (RM8.4 billion) from investments in crisis-hit US banks.

“The board has now concluded that Alecta needs new leadership to implement the necessary changes in asset management and restore trust,” the fund said in a statement.