Peter Herrlin Opalesque Industry Update - Northern European banking group SEB announced a 20% increase in mandates on its Prime Brokerage platform over the last 12 months. The platform has attracted 70 new hedge fund mandates in 2012, bringing the total number to more than 400. SEB’s fully segregated custody based model, protecting client assets without re-hypothecation, has proved particularly popular with international clients, which have grown their business with SEB by 30% this year.
SEB also re-launched its FX Prime Brokerage service in 2012, resulting in client trade flow with SEB as Prime Broker growing around 300% this year. The resilient product provides real-time margining and low touch trade matching, allocation and straight through processing.
Growth for the business was also driven by SEB Prime Solutions which was launched in September 2010 as an umbrella SICAV (Société d'investissement à capital variable) platform for alternative investment managers' UCITS funds. Prime Solutions, which has already established itself as a top-10 player in Europe, offers a range of risk management and administration services as well as the legal structure to facilitate the launch and marketing of these funds.
Peter Herrlin, Head of Prime Brokerage SEB London comments: “Despite challenging market conditions, 2012 was a very successful year for SEB Prime Brokerage, and we are confident that 2013 will show an equally positive development. We are recognised as an intrinsic part of the strong Nordic macro environment, and currently enjoy a stable and strong A+ rating. This allows us to attract new clients and offer them unparalleled access to the Nordic investor community. The fact that today more clients outside the Nordics choose our platform demonstrates that we are able to expand by building on our strong heritage in our home markets.”