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Pensions

Alecta Board Chair Ingrid Bonde Resigns

The Swedish pension fund fired its CEO and replaced its head of equities earlier this year after losing $2 billion from the collapse of Silicon Valley Bank.

By Matt Toledo



Alecta, Sweden’s largest pension fund, announced that the chairman of its board, Ingrid Bonde, has stepped down. Bonde’s resignation comes as Alecta faces scrutiny over recent investment losses. Jan-Olof Jacke will serve as interim chairman until a replacement is found.

“In a situation where there has been too much focus on my person, I have decided to resign,” Bonde said in a statement in Swedish. “With new CEO and new management personnel on their way in, Alecta is well equipped for its challenges. I now need to devote my time and energy to my family and my other assignments.”

Earlier this year, Alecta revealed it lost 19.6 billion Swedish kronor ($1.9 billion) from its investments in Silicon Valley Bank, First Republic Bank and Signature Bank, which collapsed in March. The fund’s losses resulted in Sweden’s Financial Supervisory Authority opening an investigation of the fund’s risk-taking. Another probe is investigating Alecta’s investment into property company Heimstaden Bostad.

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Bonde is one of several Alecta executives to resign or be fired this year. Magnus Billing, the fund’s former CEO was fired in April due to scrutiny of Alecta investments. The banking crisis fallout also led to the removal of Liselott Linn, head of equities. In June, Henrik Gade Jepsen, Alecta’s head of asset management, resigned.

As chair, Bonde oversaw the replacement of those positions, including the June hiring of new CEO Peder Hasslev, the August selection of Pablo Bernengo as the fund’s new head of asset management and the September announcement of Magnus Tell as the new equity manager.

Alecta first opened a position in Signature Bank in 2016. The fund invested in SVB and First Republic in 2019. By 2022, Alecta was the fifth largest shareholder of SVB and First Republic and the sixth largest shareholder in Signature Bank, according to data from Bloomberg.

Alecta manages pensions for 2.6 million individuals and 35,000 companies in Sweden, according to its website. The fund currently has 1.1 trillion Swedish kronor ($101 billion) in assets under management. Alecta’s losses from its holding in SVB and other failed banks were roughly 2% of the fund’s holdings at the time.

“The investments in U.S. banks were a failure,” said Katarina Thorslund, then acting CEO, earlier this year.

Related Stories: 

Alecta Fires CEO as Fallout Continues From $2 Billion Banking Losses

Alecta Replaces Equities Head in Wake of US Banking Losses

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Home > News > Newsmakers > PGIM Investments Appoints Carlino Global Head of Alternative Investments
Newsmakers

PGIM Investments Appoints Carlino Global Head of Alternative Investments

The former alts leader at Merrill Lynch will assume a newly created position at the firm. 
By Matt Toledo

PGIM Investments, the asset management arm of Prudential Financial Inc., announced the appointment of its first global head of alternative investments. Dominick Carlino will fill the newly created role as PGIM seeks to expand its alternatives offerings, the company announced.  

“Dominick’s deep understanding and experience in the alternatives space will add tremendous value to our business as we continue to extend PGIM’s full array of high-quality private capabilities to our financial intermediary partners and their high-net-worth clients,” said Stuart Parker, president and CEO of PGIM Investments, in the release.  

Earlier this year, PGIM announced the creation of PGIM Private Alternatives, combining its alternative investment groups into a single entity in order to better structure its alternatives offerings. PGIM currently has $310.9 billion in AUM across multiple alternative assets, including real estate, private credit and private equity.  

Carlino has 20 years of experience in alternatives. He was previously managing director and head of alternative investments distribution at Merrill Lynch, where he spent nearly 11 years. He also held business development roles at AlphaOne Capital Partners and Morgan Stanley Alternative Investment Partners. He was also previously a research analyst at Susquehanna Financial Group and an investment banker at Fleet Securities.  

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“Given the current market environment, advisors are increasingly seeking strategies that offer uncorrelated alpha, true diversification and return enhancement within their clients’ portfolios,” Carlino said in the statement. “I am thrilled to join PGIM to help meet this growing demand for access to institutional alternative investments and to support our wealth management partners in growing their business.”  

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