Nordic investment manager, Carnegie’s Swedish pension consulting arm, has been taken over by advisory firm Max Matthiessen.
The move comes amid what Carnegie terms a “structural change” in the pension consulting market.
Carnegie Pension Consulting will be taken over by Max Matthiessen and Carnegie’s fund management products will be offered to Max Matthiessen’s 135,000 clients, the two firms said in a statement. Financial terms of the deal were not disclosed.
“There is increasing interest in long-term pension savings, our clients are demanding broader independent financial advice, and we want to be ahead of the game,” said Max Matthiessen deputy chief executive Christoffer Folkebo.
“The co-operation with Carnegie gives Max Matthiessen’s clients access to advisory services from a leading investment bank.”
Explaining the decision, Lars Risland, managing director of Carnegie Pension Consulting, said: “Carnegie must be the leading player in its business areas.
“The pension area is undergoing structural changes and we are convinced that economy of size is of paramount importance if we are to offer our clients the best solutions in the most cost efficient way.
“That is why we have chosen to co-operate with the leading player in the pension market.” The agreement would not have any “material result effects” for Carnegie in the current financial year.