The collapse of Silicon Valley Bank has left investors wondering if their money is safe, Newsweek reports
© Global Look Press / Li Jianguo
Several pension funds in the US and at least two overseas have lost millions of dollars due to investments in Silicon Valley Bank (SVB) stock, Newsweek reported on Tuesday. The collapse of the lender has sent global banking shares plummeting.
Institutions such as the California Public Employees Retirement Fund (CalPERS), the California State Teachers’ Retirement System (Cal STRS), Korea’s National Pension Service (NPS) and Sweden’s Alecta pension fund had reportedly invested in the tech and start-up-focused bank.
CalPERS, which manages the largest public pension fund in the US with over 1.5 million members, had some $67 million invested in SVB and about $11 million in Signature Bank, which was also shut down over the weekend.
Alecta, Sweden’s largest pension fund, overseeing around $104 billion in assets, had around $848.7 million invested in SVB and some $282.9 million in Signature at the time of their failures.