SEB Buys Key Asset Management

Stephen Harris

26 November 2007

Key Asset Management Group a London-based fund of hedge funds manager, has announced that SEB has entered into an agreement to acquire 100 per cent of its shares. As a part of the SEB group, KAM will benefit from a broader distribution platform and additional resources in order to grow its business further. The acquisition is an important step in SEB’s strategy to grow its alternative investments business and to strengthen its asset management product offering. KAM has over $3 billion of assets under management and claims one of the longest track records in the industry. Its flagship fund, Key Hedge Fund, has generated positive returns for 17 consecutive years, according to a statement. Since 2003, KAM has advised SEB on SEB Multihedge, a market independent fund of hedge funds. KAM will become a wholly-owned subsidiary of SEB, operating as a separate unit within its Wealth Management division. KAM’s senior management and executives will continue in their existing roles, and the KAM product range and investment process will be unaffected by the transfer of ownership. The business will be rebranded SEB Key. Completion of the transaction is subject to regulatory approvals, expected to be obtained early in 2008.