SEB Gets ‘Key’ To Fund of Hedge Funds

Nov 26 2007 | 9:00am ET

Key Asset Management Group, a London-based fund of hedge funds manager, today said that it has agreed to sell all of its shares to SEB, a Northern European financial group, as a way to broaden its distribution platform.KAM manages over $3 billion in assets and its flagship fund, Key Hedge Fund, has generated positive returns for 17 consecutive years, according to the firm. Since 2003, KAM has advised SEB on SEB Multihedge, a fund of hedge funds.

As a result of the deal, KAM will become a wholly owned subsidiary of SEB, operating as a separate unit within its parent’s wealth management division. KAM’s senior management and executives will continue in their existing roles, and the KAM product range and investment process will be unaffected by the transfer of ownership. The business will be rebranded SEB Key.

“SEB and KAM share the same common objective of becoming one of the leading hedge fund of funds organizations in Europe,” said Morten Kielland, chairman and founder of KAM.

Simon Ewart, CEO of KAM, added that “KAM’s offering will be further strengthened by having SEB as our institutional partner. SEB clients will gain access to a highly successful and well-established fund of hedge funds manager with over 17 years experience, a rigorous investment process and a highly skilled investment team.”

The firms expect to complete the transaction by early next year.

SEB managed some $349 million in total assets as of the end of June.

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