Skandia acquires 51% of Carlson Investment

Skandia acquires 51% of Carlson Investment Management Skandia Asset Management has reached an agreement with the owners of Carlson Investment Management (Carlson) to acquire 51% of the shares in Carlson, with an option to acquire the remaining 49%. Since its start in 1990, Carlson has built up a successful asset management operation with roughly SEK 30 billion in total assets under management, mainly on behalf of Swedish institutions and individuals. Carlson conducts discretionary management as well as fund management and has some 90 employees at nine offices (e.g. Stockholm, London, Luxembourg, New York and Hong Kong). Carlson will make up an important part of Skandia Asset Management and adds a complementary customer base and competence. The Skandia group has total managed assets of approximately SEK 720 billion, of which nearly half is managed by Skandia Asset Management. Carlson's fund offering will complement Skandia Fonder's current range of funds. The Carlson brand will be used primarily in marketing to institutions and individuals. Ulf Spång, Executive Vice President and CFO of Skandia, will serve as CEO of the jointly owned company. Björn Carlson will be chairman of the board. "Our organizations complement each other," comments Ulf Spång. "The combination of Carlson's presence and knowledge as a manager for institutions and individuals, and our large management volume, forms a formidable platform for continued expansion and a strong management operating result over the long term." Björn Carlson comments: "In ten years we have grown to become a successful manager for institutions and individuals. I am pleased now to have found such a good partner as Skandia with which to take the next step in our development." Skandia's acquisition of Carlson requires the customary regulatory approvals. For further questions, please contact: Ulf Spång, Chief Executive Officer, Skandia Asset Management, tel. +46-8-788 2905 Anders Kvist, Chief Operating Officer, Skandia Asset Management, tel. +46-8-788 1729 Birgitta Hammarström, press officer, Skandia, tel. +46-8-788 2755, or +46-70-378 2755 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/10/29/19991029BIT00090/bit0001.doc http://www.bit.se/bitonline/1999/10/29/19991029BIT00090/bit0002.pdf