Sweden’s Alecta Sold First Republic Stake at $727 Million Loss

Bloomberg2023-03-21

Sweden’s biggest pension fund, Alecta, sold all of its shares in struggling US lender First Republic Bank at a loss of 7.5 billion kronor ($728 million), according to Chief Executive Officer Magnus ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Slowdownpok
2023-03-21
Slowdownpok
Good move? Not sure about this selling..

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1132680817?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-03-21 21:00","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1132680817","market":"us","top_or_hot":-1,"title":"Sweden’s Alecta Sold First Republic Stake at $727 Million Loss","media":"Bloomberg","content":"<div>\n<p>Sweden’s biggest pension fund, Alecta, sold all of its shares in struggling US lender First Republic Bank at a loss of 7.5 billion kronor ($728 million), according to Chief Executive Officer Magnus ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-21/sweden-s-alecta-sold-first-republic-stake-at-727-million-loss?utm_source=google&utm_medium=bd&cmpId=google\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sweden’s Alecta Sold First Republic Stake at $727 Million Loss</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSweden’s Alecta Sold First Republic Stake at $727 Million Loss\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-21 21:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-03-21/sweden-s-alecta-sold-first-republic-stake-at-727-million-loss?utm_source=google&utm_medium=bd&cmpId=google><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Sweden’s biggest pension fund, Alecta, sold all of its shares in struggling US lender First Republic Bank at a loss of 7.5 billion kronor ($728 million), according to Chief Executive Officer Magnus ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-03-21/sweden-s-alecta-sold-first-republic-stake-at-727-million-loss?utm_source=google&utm_medium=bd&cmpId=google\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2023-03-21/sweden-s-alecta-sold-first-republic-stake-at-727-million-loss?utm_source=google&utm_medium=bd&cmpId=google","article_id":"1132680817","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1132680817","pubTimestamp":1679403650,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Sweden’s biggest pension fund, Alecta, sold all of its shares in struggling US lender First Republic","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"瑞典的Alecta以7.27亿美元的损失出售了第一共和国的股份","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FRC":0.9},"content_text":"Sweden’s biggest pension fund, Alecta, sold all of its shares in struggling US lender First Republic Bank at a loss of 7.5 billion kronor ($728 million), according to Chief Executive Officer Magnus Billing.“The uncertainty about the bank’s future was too great, partly due to the fact that the lender was downgraded to junk status,” Billing said in emailed comments, after Bloomberg News obtained a copy of a written response by Alecta to the Swedish Financial Supervisory Authority.In the document, Alecta said its total invested capital in First Republic stood at 9.7 billion kronor “before a sale on March 15.” The Swedish fund had been buying First Republic shares since 2019, making it the bank’s fifth biggest shareholder.The financial watchdog had demanded an explanation as to how and why a pension company managing the money of 2.6 million Swedes invested about 21.8 billion kronor of its funds in three niche US banks tied to the collapse of Silicon Valley Bank.The fund last week said it expects to completely write off its investments in SVB and Signature Bank — at a cost of $1.1 billion — and added that there’s a risk its investment in First Republic “will also be completely lost.”The scale of the losses at Alecta sparked an outcry in Sweden and prompted an internal investigation at the Stockholm-based pension fund, as well a summons from the FSA. Both the country’s government and central bank said they are monitoring the situation closely but played down the risk of a disruption to financial stability.With 1.2 trillion kronor of assets under management, Alecta said its US bank losses won’t impact its solvency ratio, which totaled 218% at the end of 2022.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9943616800,"gmtCreate":1679405291201,"gmtModify":1679405294990,"author":{"id":"3551139414186896","authorId":"3551139414186896","name":"Slowdownpok","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Good move? Not sure about this selling..&nbsp;","listText":"Good move? Not sure about this selling..&nbsp;","text":"Good move? Not sure about this selling..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943616800","repostId":1132680817,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":16,"commentSize":1,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1132680817"}