Sweden’s Catella Asset Management has completed its acquisition of EKF Individual Asset Management, after having secured regulatory approval for the deal earlier this month.

The news comes after Catella agreed to a buy 55 per cent stake in EKF for SEK28 million ($4.5 million) in January of this year, subject to the approval of the Swedish regulator. Catella has now received approval to buy 100 per cent of the firm for SEK 51 million, Fredrik Sauter, Catella Asset Management's chief executive, told WealthBriefing.

The newly-merged firm will focus on providing financial advice in relation to long-term wealth management. Sauter says it will offer a full-service, as opposed to online brokers offering “do-it-yourself options”.

EKF’s assets under management of approximately SEK4 billion will bring the total at Catella to SEK45 billion.