Two Dutch pension fund managers are among the organisations which have lost money following the bankruptcy of Silicon Valley Bank, broadcaster NOS said on Tuesday.

APG, which manages the giant civil service fund APB, had shares worth some €130 million in the bank when it went bust last week, NOS said.

The US government has jumped in to guarantee deposits to the bank’s customers but shareholders have no such protection. ‘They knowingly took a risk, and when the risk didn’t pay off, investors lose their money,’ US president Joe Biden said. ‘That’s how capitalism works.’

Engineering sector pension manager MD had shares worth some €11.5 million in the bank at the end of last year. ‘But that is less than 0.01% of our invested assets,’ a spokesman said.

APG, which has €541 billion under management, also said that it had lost relatively little. In addition, the fund sold a large number of shares in SVB last year.

However, the problems at SVB are now spilling over to other small US banks which may also impact on Dutch funds, NOS said.