[fifilura]

Apparently they are limited to investing 5% of the fund's money in banks.

Turns out they used 2 of those 5% for investing in these banks.

It is not a disaster though, not even close to a disaster. And talking about banking and market economy, they most likely gained much more money from that than they lost. It just happened very quickly .

[YeBanKo]

Not a disaster, but seems conspicuous. Looks like there is a connection between Signature and SVB and First Republic had a big exposure to SVB. So their risk exposure to a single entity such as SVB was pretty high for a pension fund.

[fifilura]

Of course, they made a mistake.

I think what they did was invest too heavily in up&coming banks rather than traditional banks. With the rationale that their technology was more modern.