Pensions lose millions after SVB collapse
The collapse of Silicon Valley Bank has caused pension funds around the world to lose millions of dollars.
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.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.
The closures are likely to bleed into the rest of the American banking system, despite federal authorities' plans to put a stop to the fallout. That includes into pension systems, whose investments in SVB may be small in comparison to their portfolios, but which will collectively total to millions of dollars.
"Those will be assets at risk, likely at a loss, but in the grand scheme of things a small percentage of our overall portfolio," spokesperson for Cal PERS told."We'll continue to monitor the situation in the upcoming days and weeks and continue to be strategic, agile and patient as a long-term investor."
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