SWEDEN – Bertil Hult, head of Carnegie Asset Management and private banking will be leaving following the separation of the two business areas.

From early next year, Carnegie’s private banking operations will form a separate business area including the private banking operations in Luxembourg and the Nordic countries. The asset management business area will include asset management, fund management and pension consulting.

Bertil Hult, head of asset management and private banking will leave his position when the new separate heads of the two business areas have been appointed, announced Carnegie today. The recruitment process for the positions is already in progress.

“The separation of the private banking operations into a new business area is a natural step in order to further enhance the development of the service concept in an open-architecture environment,” says the company.

The two operations have 52 billion Swedish kroner (5.8 billion euros) in combined assets under management, and private client business volume, related to the private banking operations, of 25 billion Swedish kroner (2.8 billion euros).

Commenting on the separation of the businesses, Karin Forseke, chief executive officer, said: “We are now initiating a process which will enable us to further concentrate on bringing value added products and services to clients.”