Carneo acquires Alfred Berg’s Swedish funds and discretionary mandates
August 21 2019 08:19
Carneo AB (“Carneo”) has, through its subsidiary Carnegie Fonder AB (“Carnegie Fonder”), signed an agreement with BNP Paribas Asset Management (“BNPP AM”) to acquire all Swedish funds and discretionary mandates managed by Alfred Berg Fonder AB and Alfred Berg Kapitalförvaltning AB, respectively.
The transaction consists of nine mutual funds and a number of discretionary mandates, with assets under management totalling close to SEK 10 billion.
“The asset management industry is currently undergoing significant change where larger scale and operational efficiency is required to operate healthy businesses. The transaction with BNPP AM supports our long-term strategy to grow our assets under management and to strengthen our position as the leading independent asset management group in the Nordic region”, says Christoffer Folkebo, CEO of Carneo.
“Carnegie Fonder has an ambition to grow and this gives us an opportunity to do so through an attractive acquisition. We welcome all new clients that will join us as part of this deal and benefit from Carnegie Fonder’s wide range of successful funds, our experienced investment team and solid administration”, says Hans Hedström, CEO of Carnegie Fonder.
The completion of the transaction is subject to customary regulatory approvals, which are expected to be obtained during the fourth quarter of 2019.
Lenner & Partners acted as financial adviser and Advokatfirman Hammarskiöld acted as legal adviser to Carneo.
Carneo is the largest independent asset management group in the Nordics, with over EUR 26 billion in AuM. Carneo operates a multi-boutique structure, which preserves the independence and identity of the affiliated managers. The group consists of C WorldWide, Carnegie Fonder, OPM, Nordic Cross Asset Management, Carneo Investment Solutions and Albatris.