SWEDEN – SEB Group has announced net profit of 2.64 billion Swedish crowns (287 million euros), and an increase in assets under management for its fund units.

Assets under management for SEB’s fund groups now totals 780 billion Swedish crowns (84.6 billion euros) from 742 billion (80.6 billion euros) at year-end 2002. SEB Asset Management is the largest of the fund management arms, which has 567 billion Swedish crowns (61.6 billion euros) under management. Institutional portfolios represent 66% of the division’s asset under management. SEB said there were staff cuts of eight percent during the first half.

Net inflow in the first half of 2003 was 26 billion crowns, emanating predominantly from Germany (14 billion crowns). Six billion emanated from the Nordic countries, ex-Sweden, four billion from Sweden alone, and two billion from the Baltic States and Poland.

Asset allocation altered marginally over the first period with 2% less being allocated to cash and split between fixed income and equities. Compared to June last year, the equity quota has been reduced from 42% to 33%, and the fixed income quota increased from 48% to 59%.

SEB Trygg Liv, SEB’s life insurance business, also performed well in the first half, and increased its market share within fund-related occupational pensions. Its aim is to further develop the occupational business, “partly through a deeper co-operation with the organisation of medium-sized and large corporations with the Bank, and partly though continued co-operation with independent life insurance brokers.”