Billing is history at Alecta as US investment failure leads to dismissal

The board of the Swedish pensions giant has fired CEO Magnus Billing, replacing him with the deputy CEO on a temporary basis. The chair will take on added responsibilities.

Alecta has fired its CEO, Magnus Billing, in the wake of the pension fund's failed US investments. | Photo: Pr / Alecta

by KIM WIESENER

Seven years in the top job at Alecta came to an abrupt end for Magnus Billing on Tuesday morning as the board of Sweden’s largest commercial pension fund dismissed him with immediate effect.

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Billing is history at Alecta as US investment failure leads to dismissal

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New but experienced faces to take temporary charge of Alecta’s assets

Alecta changes investment team in the wake of failed US investments

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Further reading

Swedish FSA to investigate Alecta’s Heimstaden investment

Swedish asset manager kicks off new fund with leading Nordic institution

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BankInvest to optimize investment processes with new hire

Danish FSA criticizes investment funds for inadequate evaluation between costs and returns

Nordics show clear appetite for new asset classes, BlackRock survey reveals

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