DNB Bank acquires Carnegie
Consolidation in the Nordic asset management continues with Norwegian banking giant DNB acquiring Swedish Carnegie for some SEK 12 billion. Going forward, DNB Markets will be globally renamed as DNB Carnegie.
Today, DNB Bank announced that it has entered into an agreement to acquire Carnegie Holding from Altor and the minority shareholders for a total of some SEK 12 billion. The acquisition is subject to approvals from authorities in applicable jurisdictions and is expected to close in the first half of 2025. It is only a couple of months since Carnegie Holding announced that it was buying Swedish fund company Didner & Gerge Fonder.
In a press release, Carnegie writes that Didner & Gerge has some SEK 55 billion in assets under management, out of which SEK 35 billion are within the premium pension system. It further states that the deal is based on the assets under management outside the premium pension system, with adjustments made depending on upcoming procurements by Fondtorgsnämnden, the new Swedish Fund Selection Agency that is responsible for the investment funds at the premium pension platform.
“Through the acquisition of Carnegie, our goal is to provide even better solutions to our clients. We and Carnegie are realizing our joint ambition to build a leading player across the Nordic region in investment banking, securities brokerage and research, corporate banking, private banking and asset management,” says Kjerstin Braathen, CEO of DNB.
In its press release, DNB states that it has a strong position in Norway within asset management, private banking, pensions and savings and that the Carnegies brand and long track record in this segment, particularly in Sweden and other Nordic markets, will give the combined business new opportunities across the Nordic markets. As of 30 September 2024, Carnegie had SEK 436 billion in assets under management in private banking and asset management.
“With this transaction we strengthen our pan Nordic wealth management offering and achieve further scale in our operations,” says Håkon Hansen, head of DNB Wealth Management.
