Pension funds around the world lost millions due to the collapse of SVB and Signature Bank
The American magazine notes that organizations such as the California Public Employees' Retirement Fund (CalPERS), the California State Teachers' Retirement Fund (CalSTRS), the National Pension Service of South Korea (NPS) and the Swedish pension fund Alecta invested in the recently collapsed banks. CalPERS invested $67 million in Silicon Valley Bank and about $11 million in Signature Bank, according to the Journal. A CalSTRS spokesman said the organization held $11 million in SVB shares and would likely lose money on those holdings, but they represented only a small portion of its portfolio.
However, the pension fund said it was "encouraged" by the US Federal Reserve's promise that all savers would be protected.
Source: Telegram channel “House of Cards”
