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Alternative Market Briefing

Nordic group SEB consolidates and expands in alternatives space

Friday, June 29, 2012

By Beverly Chandler, Opalesque London:

Nordic financial group SEB is to formalise its fund of hedge fund offering with the completion of the merger of its Key Asset Management which it bought in 2007, with its in-house offerings. Key is one of the oldest fund of hedge funds groups, founded in 1989 and currently offers a range of funds of funds which are now pooled with SEB’s two, the Dynamic Manager Alpha and the True Market Neutral Portfolio.

Beyond the fund of hedge fund business, SEB acts as a prime broker in the hedge fund space, numbering the Swedish group Brummer & Partners among its clients, and also offers Hedge Fund Seeding business and an advisory business, Alpha Advisory.

Eric Hoh, head of alternatives, trading and capital markets at SEB Merchant Banking explained in an interview with Opalesque, that SEB has a long hedge fund heritage dating back to the 70’s as one of the early financiers of George Soros, and the prime brokerage of Brummer back in 1995 starting what has since become the leading prime brokerage house in Northern Europe.

Roughly 50% of the bank’s revenues stem from the merchant bank, within which lies the hedge fund business which divides into trading and hedge funds. Hedge funds represent 15 to 20% of that business. The remaining 50% of the bank lies in retail, wealth management and life insurance.

Otto Francke is a senior portfolio manager within the Alternative Investment Team at SEB. He joined the bank in 2007 from fund o......................

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