Sweden's largest pension fund Alecta sells all First Republic Bank shares at $728 million loss

Sweden's largest pension fund, Alecta, sold all of its shares in First Republic Bank at a loss of SEK 7.5 billion ($728 million), Bloomberg reported. Alecta announced an internal review of its investment process following the loss. investigated and received a subpoena from the country's financial authorities. Alecta said its total invested capital in First Republic Bank was 9.7 billion Swedish kronor (approximately $939 million), and the Swedish fund had been buying shares in First Republic since 2019 before the March 15 sale, becoming the bank's the fifth largest shareholder. In addition, Alecta had previously had exposure to Silicon Valley Bank and Signature, facing losses of nearly $2 billion.