Sweden-headquartered financial services group SEB is bolstering its private banking offering.
The private wealth management & family office division will “further strengthen [the firm’s] focus on entrepreneurs, individuals and families and their businesses in SEB’s home markets”, the company announced on Wednesday.
It will initially have roughly 500 employees based in Sweden, Finland, Norway, Denmark, Germany, Luxembourg, the UK and Singapore.
Taking a leading position
SEB president and chief executive Johan Torgeby said the firm “has strong and longstanding relationships with customers ranging from entrepreneurs to professional family offices, and I am confident that we, by creating this dedicated private wealth management & family office division, will be able to become an even more relevant partner for both new and existing customers in our home markets”.
“Our aim is to take a leading position in this increasingly important segment by offering first-class investment advisory based on SEB’s entire product range of analysis, IPOs and alternative investments.”
The division will be led by William Paus, who is currently co-head of SEB’s large corporates & financial institutions division. He will assume his new role on 1 June 2021, when the division will become operational.
His previous role will be filled by Jonas Ahlström, who is currently head of SEB’s Baltic division no later than 1 September 2021. The recruitment process is currently under way to identify his successor.
Paus echoed Torgeby’s ambitious statement, saying “the aim is to take a leading position in segments ranging from entrepreneurs to professional family offices”.
“We will take on the competition from banks, asset managers, online brokers and investment banks.”