Cordea Savills buys SEB Asset Management in Germany

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Cordea Savills, the property manager, is buying SEB Asset Management AG, the German asset manager owned by Swedish banking group SEB, in a deal valued at up to €21.5m in cash.

Cordea Savills will rebrand following the acquisition as Savills Investment Mangement. Barbara Knoflach, current CEO of SEB AM will leave the company as part of the deal, which is subject to regulatory approval from German regulator BaFin, as well as both German and Polish merger authorities.

SEB AM has some €10bn in property investments under management globally via a number of fund structures. It is headquartered in Frankfurt, with staff also in Singapore.

Some 40% of SEB AM’s AUM is in institutional funds, with the rest in German open ended funds that are in the process of being liquidated in line with BaFin regulations.

Justin O’Connor, CEO of Cordea Savills, said: “The proposed acquisition of SEB Asset Management complements our strong organic growth and provides an opportunity to create a leading investment manager in Europe and Asia. SEB Asset Management will add to our critical mass and enhance our ability to offer investment opportunities to clients globally.”

Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

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