Wassum, the Stockholm-based investment consultancy and fund brokerage, has been acquired by its management from Skandia, the Swedish life assurance group.

The consultancy, whose clients consist of Swedish municipalities, large corporate pension funds and foundations, is now expected to boost its number of employees from 16 to 25 within the next six months.

Jan Bernhard Waage, one of Wassum's new owners, says: Skandia is setting up its own investment management arm, and it was feared there could be a conflict of interests. The solution was to buy the business from them.""