SEB AG is reorganising its asset management activities. The two investment companies SEB Immobilien-Investment GmbH and SEB Invest GmbH are being grouped together under the umbrella of the newly founded SEB Asset Management AG. The integration work and organisational reassignment of the two subsidiaries to SEB Asset Management AG are expected to be concluded at the beginning of 2006. The Managing Board of the new umbrella company consists of Barbara A. Knoflach (CEO) and Matthias Bart.
The two investment companies are expanding their management teams as part of the reorganisation. Matthias Bart is joining Pontus Bergekrans and Thomas Nahmer in the management of SEB Invest as of 1 October 2005. Choy-Soon Chua will be strengthening the management of SEB ImmoInvest with effect from 1 January 2006, joining Barbara A. Knoflach and Axel Kraus.
The goal of the reorganisation is to integrate existing resources to create an integrated asset management powerhouse offering significant added value for customers. SEB Asset Management AG will take over sales management, product strategy and quality assurance. The new allocation of responsibilities will allow the two investment companies to focus on their core task, the investment management of top products. "We haven taken the next logical step within SEB, bundling our strengths and positioning ourselves on the market with our entire range, including our open-ended real estate funds. We are focusing on our customers", said Knoflach. Real estate plays a central role in the product range. For example, SEB Asset Management intends to expand its business over the next year to include additional products such as REITs (Real Estate Investment Trusts).
As CEO of Asset Management Germany, Knoflach will be working together closely with the group's Asset Management Division. She plans to use this structure to combine global and local expertise and offer comprehensive asset management services from a single source. On this subject Knoflach says, "As a part of the Asset Management Division, we can access the long-standing expertise of a successful asset manager."
SEB Asset Management AG will start next year with assets of around 12 billion, of which around 5.5 billion is attributable to SEB ImmoInvest's real estate fund assets. The SEB Asset Management Division has total assets under management of around 80 billion.