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Swedish Pension Fund's Legal Head Leaves Amid SVB Loss Controversy

Written by: Meredith Montgomery
Photo by: Marten Bjork at Unsplash

Last update: 27 november 2023

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William McKechnie, the chief legal officer at Alecta AB, a Swedish pension group that suffered a $2 billion loss from bets on US niche banks, is leaving his position.

McKechnie, who has been with the company for three years, is departing due to a reorganization that shifted his responsibilities, removing procurement and sustainability from his legal affairs portfolio.

This change is not related to the ongoing investigation by the National Anti-Corruption Unit into Alecta's $4.6 billion investment in Heimstaden Bostad AB, a major European real estate firm.

Alecta has been under scrutiny since its significant financial loss on US banking bets, which led to the departure of several top executives, including the CEO and chief investment officer.

Source: Bloomberg


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