SWEDEN - The SEK8.1bn (us$988M) Pressens Pensionskassa has revealed it is at risk of losing around SEK102m invested in a troubled hedge fund. The hedge fund manager in question is now under investigation in relation to potentially overestimating the value of its securities portfolio.
"We are extremely sorry about what happened. We are currently looking into the legal options available to slightly limit the loss," Ekberg said, adding: "It is very unfortunate that the problems in Weavering were not detected in time."
Pressens is not the first scheme to announce losses in Weavering.
The SEK5.5bn Volvo Pensionsstiftelse said in March it is at risk of losing around SEK47m after Weavering was forced to call in the administrators earlier this month. The fund had invested via the manager's Swedish subsidiary, which is now also under threat of going bankrupt.
Volvo's spokesperson Anders Vilhelmsson said the pension fund has invested SEK47m in Weavering Capital's hedge fund and the scheme could lose the money after Weavering Capital's Macro Fixed Income fund was put into liquidation in the Cayman Islands and the company called in the administrators earlier this month.
At the same time, Weavering Capital's Swedish subsidiary Weavering Capital AB is directly dependent on the working capital of its British parent company and could therefore also go under.
According to Weavering Capital AB, preparations have begun "for the settlement of all activities of Weavering Capital AB, Weavering Capital Holding AB and Weavering Fonder AB" in Sweden.
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