SWEDEN – Harry Klagsbrun, chief executive of SEB Asset Management, has quit to join private equity firm EQT Partners as a senior partner.

According to a release, Klagsbrun will stay in his position until a successor has been appointed. He will take up his new position at EQT in October.

Klagsbrun, a former mergers and acquisitions banker, joined the Swedish investment house in 2001 “to restructure a faltering business”, according to a recent interview in ‘Global Investor’ magazine.

Klagsbrun told the magazine that he aimed to grow the division internationally over 2006, and wanted to be the leading asset manager in the Nordic region as well as other markets.

The asset management outfit – which makes up between 70% and 75% of parent SEB Bank – has expansion plans for the Baltic countries, Poland, Russia and the Ukraine, said Klagsbrun.

He added that 2006 will also see SEB AM take over the asset management activities for SEB Bank’s Eastern European operations.

Plans were also underway to establish an international sales team based in Luxembourg or Frankfurt to promote products to consultants, amongst others.

SEB could not be reached for comment as to what Klagsbrun’s departure will mean for these expansion and development policies.

According to president and group chief executive Annika Falkengren: "Harry Klagsbrun has done an excellent job during his years at SEB and has played a significant role in SEB today ranking as one of Europe's best fund managers and Sweden's best institutional asset manager.

"I wish him all the best in his new position."

SEB AM’s assets under management rose by 5% or SEK40bn (€4.3bn) during the first quarter of 2006. Total assets under management stand at SEK881bn (€93.8bn).

SEB AM has offices in Copenhagen, Helsinki, Oslo, Frankfurt, Luxembourg and Stockholm. The staff includes roughly 150 portfolio managers and analysts.



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