Strukturinvest Fondkommission and Carnegie Investment Bank have reached an agreement to transfer Carnegie's third-party distribution of structured products operations to Strukturinvest. The agreement includes custodian services associated with securities where the custody account holder is primarily linked to external advisors. The acquisition will up to 14,000 new custody account holders to Stukturinvest's distribution in the Nordic region
Following the transaction, Strukturinvest will take over responsibility for secondary market activities in the retail structured products that Carnegie has arranged in the past and until now, from the middle of January 2017. 'It's an incredible opportunity and a giant lea for our company's expansion within this business,' said Thomas Olsson, chief executive oficer and Olof Gustafsson (pictured), chairman of the board and co-founder of Strukturinvest, in a statement.
Both distributors have been active in Sweden, according to SRP data. Carnegie distributed 134 products in 2014, 104 in 2015 and 70 this year, while Strukturinvest has distributed 141, 152 and 136, respectively, in the same years. The combined sales volume of the two companies this year is SEK2.131bn (€219m), with the figure for the two topping SEK4bn in 2014, according to SRP data. (See table.)
Strukturinvest Fondkommission was founded in 2009 and has become one of the leading distributors of structured products in Sweden. The company employs approximately 50 professionals, with offices in Stockholm, Gothenburg and Jonkoping. "[Carnegie's operations] will be incorporated in Strukturinvest's business, which is run by chief executive officer Thomas Olsson and the two founders Olof Gustafsson and Fredrik Langley," said an official at Strukturinvest. "We cannot comment on the staff from Carnegie at this point."
The acquisition is subject to regulatory approval.
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