Washington State Investment Board, Olympia, estimates it lost about $47 million as a result of the failure of Washington Mutual Inc., Seattle, according to a news release. Washington Mutual subsequently was purchased by JPMorgan Chase & Co.
The board oversees $78 billion in assets. Its private equity program lost $41 million, and public equities, $6 million, the release said.
The WSIB is a large institutional investor with a long-term perspective and a high-quality, well-diversified investment strategy that is built to withstand inevitable market ups and downs, Joe Dear, executive director, said in the release. This is a period of great turmoil and concern, but we are confident that we will weather this storm.