Carnegie Investment Bank, a Stockholm-based portfolio company of Altor Equity Partners and Bure Equity, said that it will spin off its asset management operations into an independent company. Altor and Bure would be the new company’s “main owners.”
Carnegie has decided to separate its Asset Management operations to form a new holding company, with Altor and Bure as the main owners. The separation will take effect at year-end and involves the asset management operations in Denmark, Norway and Sweden.
Carnegie Asset Management offers discretionary and advisory services, as well as direct fund investments, to a global market through its operations in Sweden, Denmark and Norway. Historically, these divisions have operated as autonomous units in Carnegie, with limited interaction with other business areas.
“In this new structure, both Carnegie Investment Bank and the Asset Management business can develop separately but in close co-operation, and we are confident that this will benefit both companies. At the same time, Carnegie will gain an even stronger independence in the core areas Securities, Investment Banking and Private Banking,” says Frans Lindelöw, President and CEO of Carnegie Investment Bank AB.
“By separating the Asset Management units into an independent Group, the business will be able to better focus on a common offering of world-class funds to the Nordic, European and international markets,” says Steinar Lundstrøm, Head of Asset Management at Carnegie.
Clients and personnel will not be affected by the separation, and the newly formed Asset Management Group will continue to operate under the Carnegie brand. In parallel with the separation, co-operation and fund distribution agreements will be concluded between Carnegie Investment Bank and the newly formed Asset Management company, to ensure close collaboration between the companies.
Carnegie Investment Bank AB (publ) is a leading independent investment bank with Nordic focus. Carnegie provides value-added services in securities brokering, investment banking, asset management and private banking. Carnegie has approximately 700 employees in eight countries.
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