SWEDEN - Schroders Investment Management is about to close its Stockholm office for all activity except for property. From June 30 its Nordic activities will be co-ordinated from Copenhagen.
Gavin Ralston, Schroders' head of continental Europe, confirmed the closure to IPE today, and said that the Nordic market has become much more integrated since the Stockholm office was opened in 1998.
"After the end of June the office will be used for our property activities and we will provide dedicated coverage of Swedish clients from Copenhagen from that point," Ralston said.
Sources in the market told IPE that Schroders' move might a cost cutting exercise.
The transition of clients of the office, which has around €3bn in assets under management, mostly from Swedish and Finnish institutions, will take place in April and May, a source told IPE.
According to the source all employees have been made redundant. Ralston commented: "There are only two front line sales people, both of whom will be leaving the company by the end of June."
However, the source added that the firm is looking to recruit at least one staff member to replace them. It is yet to be decided whether this will be in Stockholm or in Copenhagen.
Johan Hamilton, managing director of the Stockholm office, told IPE that he would be on the lookout for a job with a similar international organisation.