Skandia Fonder sold via internal deal

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Skandia Fonder, the Swedish asset manager, has been sold by one part of the Skandia group to another, as part of continuing adjustments to business lines under the group's planned mutual structure.

Skandia Fonder, the Swedish asset manager, has been sold by one part of the Skandia group to another, as part of continuing adjustments to business lines under the group’s planned mutual structure.

Since being sold by former owner Old Mutual, the Skandia brand in the Nordic region has been adjusting the ownership and reporting lines affecting its banking, insurance and asset management businesses, which are being grouped in a mutual – customer owned – structure.

Skandia Fonder’s ownership within the group switches from the banking to the insurance arm. The deal, dated 1 November, is valued at SEK125m, but does not affect the bank’s capitalisation. As an internal transaction it does not require authorisation by Finansinspektionen, the Swedish Financial Supervisory Authority.

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