SWEDEN – Swedish financial services provider SEB has secured several new institutional mandates and achieved “greater market clout” in Germany, its interim report released today revealed.
The combination of SEB ImmoInvest in Germany with the current asset management operation underpins the rise.
SEB gained SEK6bn (€629m) in new assets following the new co-operation between SEB Trygg Liv and SalusAnsver. These will be transferred to SEB Asset Management in October.
SEB president Lars Thunell labelled the third quarter as “best quarterly result to date” with assets under management at a record high of SEK1.062bn and a net profit of just over SEK2.2bn (€230m).
Operating profit rose by 32% to just over SEK3bn (€316m) compared to the same time last year.
Total assets under management, including third party mutual funds, hit SEK749bn – up 4%. While equities climbed from 37% to 42%, fixed income dipped from 56% to 51%.
Total mutual funds increased, representing 42% of total assets under management or SEK313bn, of which SEK224bn was in Sweden.
“Robust financial markets, strong sales and volume growth have contributed to a result exceeding SEK3bn,” said Thunell.
“Eight years ago we initiated the transformation from a Swedish to a leading North-European bank. The diversified platform poses attractive business opportunities and challenges for SEB with the new CEO Annika Falkengren.”