SEB Invest, the fund management arm of Swedish financial services group SEB, has shortlisted 3 candidates for briefs worth up to SKr12bn (EUR1.3bn) following the closure of the firm's Hong Kong and Tokyo offices.
SEB shut down its investment banking operations in the regions in January. The asset management businesses will cease in August.
The undisclosed candidates hope to provide an advisory function for SEB’s mutual funds for Asia, emerging markets and Japan worth between SKr6-7bn. In addition, SKr2.5bn of SEB’s SKr30bn global funds and other institutional mandates valued at about SKr2.5bn are up for grabs.
According to a spokeswoman, general criteria for applications included a preference for fund mangers offering administrative services; good market reporting; good rating; and “well known brands”.
William M Mercer is advising the move.
A final decision is expected by August at the latest.
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