Carnegie Fonder has agreed to purchase nine Alfred Berg funds and mandates from French financial group BNP Paribas SA. Carnegie is a Stockholm-based fund manager owned by private equity firm Altor’s asset manager Carneo.
The transaction consists of nine mutual funds and a number of discretionary mandates with assets under management close to EUR 1bn, according to a statement from Carneo.
"Carnegie Fonder has an ambition to grow and this gives us an opportunity to do so through an attractive acquisition," Carnegie Fonder CEO Hans Hedstrom says in the statement.
The end of the Alfred Berg brand
According to Swedish business daily Dagens Industri, the transaction will mean the end of the Alfred Berg brand.
"We believe that Carneo is a better fit for Alfred Berg's funds and management mandates. BNP Paribas focuses on global asset management in the Nordic region, for which we recently appointed a manager," BNP Paribas Nordics CEO Eirik Winter explains to Dagens Industri.
"We have not sold the Alfred Berg brand, but we are gradually switching to use BNP Paribas Asset Management for our global products," Eirik Winter explains.
According to Dagens Industri, some of the Alfred Berg fund capital is likely to go into existing Carnegie funds, while other funds will be renamed. The transaction is pending approval by the Swedish financial regulator, which is expected to come through in the fourth quarter. The transaction is exclusive of personnel and the parties have not disclosed any financial details.
The funds affected by the takeover are Alfred Berg’s Kortrantefond, Hallbar, Ranteallokering Plus, Obligationsfond Plus Hallbar, Foretagsobligationsfond Hallbar, Alfred Berg Ryssland, Fastighetsfond Norden, Alfred Berg Bull, Alfred Berg Bear and Hallbar Tillvaxt Sverige.