Among the pensions that invested in Silicone Valley Bank were America’s largest public pension fund and its largest teachers retirement fund.
The collapse of Silicon Valley Bank has caused pension funds around the world to lose millions of dollars.
The California Public Employees Retirement Fund and the California State Teachers’ Retirement System had invested in the bank, as did Korea’s National Pension Service and Sweden’s Alecta pension fund.
The Federal Reserve has promised depositors that their money is safe, but this has done little to ease concerns about the stability of the banking system.
Pensions across the globe have lost millions of dollars due to the collapse of Silicon Valley Bank (SVB).
In the wake of SVB’s Friday closure, several pension funds in the U.S. and two overseas have confirmed that they had investments in SVB stock that will likely be at a loss now that the bank has been shut down by federal regulators.
Just before the weekend, a bank run sent the San Fransisco-based financial institution plunging into crisis as depositors made mass withdrawals. After it was handed over to the Federal Deposit Insurance Corporation (FDIC), another smaller bank in New York, Signature Bank, was closed down by regulators on Sunday.
