Ingrid Bonde, the chairman of Alecta, the Swedish pension fund, has announced her immediate resignation following the recent management shakeup at the organization. This comes after Alecta incurred losses of $2 billion earlier this year due to failed investments in three US banks, which led to the departure of the fund's CEO and equities boss.
The pension fund has also faced scrutiny over its investment in the struggling real estate company, Heimstaden Bostad AB, which represents Alecta's largest holding. Heimstaden Bostad is currently facing a capital shortfall and risks a credit rating downgrade. The fund's new CEO, Peder Hasslev, recently stated that the investment in the landlord should never have been made.
The troubled property investment has negatively impacted Alecta's alternative-investment returns in the second half of the year, with a decrease of 0.9%. In April, the fund wrote down its holding in Heimstaden Bostad by 3 billion Swedish kronor ($273 million), but this figure could potentially rise considering the current state of the property market.
As changes are taking place within the management team, questions have been raised about the board's oversight of the investments. In particular, Ingrid Bonde has faced renewed pressure in the local media regarding Alecta's 49 billion-krona investment in Heimstaden Bostad.
"In a situation where there has been too much focus on me as a person, I have decided to resign," Bonde stated.
It is worth noting that Bonde had previously offered her resignation after the failures with the US banks, but the board had rejected her offer.
The Financial Supervisory Authority of Sweden is currently investigating Alecta's investments in both the US banking sector and Heimstaden Bostad. The FSA has been questioning Alecta about its investment in the real estate company for some time, as part of its mission to ensure compliance with investment regulations.
Jan-Olof Jacke, the first vice chairman of the board, will assume the role of board chairman until a new chairman is elected, according to the statement.