STOCKHOLM, May 4 (Reuters) – Sweden’s financial watchdog is looking into Alecta’s risk taking after the pension giant made big losses from investments in recently collapsed U.S. niche banks, it said on Thursday.

Sweden’s largest pension fund provider lost 19.6 billion crowns ($1.92 billion) from share holdings in First Republic Bank, Silicon Valley Bank and Signature Bank.

“The investigation concerns Alecta’s risk management with a focus on measuring investment risks,” the financial supervisory authority said in a statement.

“The purpose of the investigation is to review whether Alecta has complied with external and internal rules based on the investments in Silicon Valley Bank, First Republic Bank and Signature Bank,” it added.

Alecta in April fired its CEO over the losses.

($1 = 10.2290 Swedish crowns)

Reporting by Anna Ringstrom, editing by Essi Lehto

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