Stockholm-based financial firm Carnegie saw its private banking income fall 2 per cent year-on-year in the first nine months of 2005, accord...

Stockholm-based financial firm Carnegie saw its private banking income fall 2 per cent year-on-year in the first nine months of 2005, according to a results statement from the group. Total income at the private bank fell to SEK335 million ($42.7 million); no numbers were released on net profit for the private bank. But the bank was said in the statement that: “On a like-for like-basis, reflecting structural changes, private banking income increased by 15 per cent.” Assets under management at the private bank rose to SEK19 billion from the beginning of the year to SEK50 billion, mainly reflecting an increase in asset values but also a good net inflow, Carnegie said. Carnegie has been developing an onshore private banking initiative in Sweden and Denmark since 2003. Much of this business comes from Carnegie Investment Bank, which received a banking license at the beginning of 2004. Carnegie also has an offshore presence through Banque Carnegie Luxembourg, which set up a subsidiary in Switzerland in 2004. BCL also has a link with Carnegie’s London branch, which is mainly involved in investment banking.