Blackrock to take management control of SEB's troubled fund

SEB outsources the management of its technology sub-fund to Blackrock and revamps the investment strategy after many years of underperformance.

Photo: Brendan Mcdermid/Reuters/Ritzau Scanpix

SEB will outsource the management of its SEB Technology Fund from SEB Investment Management to Blackrock. The change in management will be effective from Dec. 10, says SEB in an announcement.

"The fund continues to be actively managed and to invest primarily in companies in the technology sector. Fees for the sub fund are not affected by the described changes. We chose Blackrock because of their proven track record and their expertise in investing in technology companies," SEB explains on its website.

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