OSLO, April 11 (Reuters) – Swedish pension fund Alecta said on Tuesday its CEO Magnus Billing was stepping down with immediate effect following the recent announcement of large losses from investments in several U.S. banks.

Alecta, Sweden’s largest pension fund provider, last month said it had lost 19.6 billion Swedish crowns ($1.87 billion) from its shareholdings in First Republic Bank (FRC.N), Silicon Valley Bank and Signature Bank.

“The losses have severely damaged the trust in Alecta’s asset management,” the company said in a statement.

“The board has concluded that Alecta needs new leadership in order to implement the necessary changes within the asset management and re-establish trust.”

Deputy CEO Katarina Thorslund will lead the company while the search for a new chief executive goes on, Alecta said.

The pension provider last week announced the replacement of its head of stock market asset management.

($1 = 10.4944 Swedish crowns)

Reporting by Terje Solsvik, editing by Gwladys Fouche

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