Skandinaviska Enskilda Banken, a financial group, has reached an agreement to acquire 100% of the shares in Key Asset Management Group, a London-based manager of funds of hedge funds.
The acquisition is claimed to be an important step in Skandinaviska Enskilda Banken’s (SEB) strategy to continue to grow in the alternative investments segment, a fast growing area of the asset management industry.
Key Asset Management will become a wholly-owned subsidiary of SEB, operating as
a separate unit within the wealth management division. Key Asset Management’s
senior management and executives will continue in their existing roles, and its
product range and investment process will be unaffected by the transfer of
ownership. The business will be rebranded SEB Key.
Annika Falkengren, CEO and president of SEB, said: I am delighted to announce
this strategic acquisition within an attractive growth area for SEB. The acquisition will strengthen our position in alternative investments and facilitate an even stronger wealth management offering to our clients.
Simon Ewart, CEO of Key Asset Management, added: The acquisition will bring
benefits to all existing and prospective clients of both Key Asset Management and SEB and I am pleased that our existing relationship will be deepened in this way. Key Asset Management’s offering will be further strengthened by having SEB as its owner.