Sweden’s Financial Supervisory Authority (FI) is to investigate the pension company Alecta, to see if it followed the correct regulations in relation to its investments in Heimstaden Bostad.

It is part of FI’s duties to examine and assess whether occupational pension companies follow rules that apply to investments. The investigation into Alecta follows several months of questions from FI to the pension company over its investments in Heimstaden Bostad.

“It is central to consumer protection that companies comply with the rules. Basically, it is about securing and protecting Swedish pension savers' money. We will now review whether Alecta followed the rules in connection with these investments,” FI head of risk supervision, Ellinor Samuelsson, said.

In response to the investigation, a spokesperson for Alecta, said: "Finansinspektionen (The Financial Supervisory Authority) today begins an investigation regarding Alecta's investment in Heimstaden Bostad AB.

“We have full respect for Finansinspektionen starting this investigation as part of the authority's mission, and Alecta will naturally cooperate fully."

This marks the second ongoing investigation into Alecta by FI, as it is also currently investigating the company’s risk management, based on the investments in Silicon Valley Bank, First Republic Bank and Signature Bank. It was started on May 4, 2023 and continues as planned.

In particular, FI is looking into whether Alecta had control over its risks in the manner required by the regulations.

From 2016 onwards, Alecta invested in the American banks Silicon Valley Bank, First Republic Bank and Signature Bank. However, it lost SEK 12bn on these investments in March this year due to turbulence in the financial markets.

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