Swedbank grows AUM by €18.5bn

SWEDEN - Swedbank and Folksam have agreed to join their asset management business under the Swedbank trademark which will see SEK170bn (€18.5bn) in pension assets flow to Sweden's largest bank.

Under the deal, Folksam will transfer its assets under management and also sell its asset management arm Folksam Fond AB to Swedbank Robur, the bank's life insurance arm.

Swedbank Robur's CEO Mats Lagerqvist explained to IPE that "Swedbank Robur will manage the money but Folksam will still have influence over of fee structures."

Swedbank will see its assets under management rise to SEK635bn, of which about one third are institutional.