More asset management initiatives promised by Catella
Swedish financial services firm Catella AB says in its interim report that it intends to undertake further initiatives to push forward its asset management business.
“New fund products were launched during and after the period to advance Catella’s positions in asset management. Continued initiatives will be taken to further strengthen Catella as an asset manager,” the company said.
Catella AB, the parent company, said its earnings and costs were affected in the six months to 30 June by acquisitions and restructuring of its business.
This included the acquisition of EKF Kapitalförvaltning, now Catella Förmögenhetsförvaltning; the acquisition of a minority share in the Swedish fund management to adjust the ownership structure; and implementation of a sales process to sell Catella’s Luxembourg subsidiary Banque Invik.
The increased costs associated with startups and acquisitions were matched by second quarter earnings being impacted by market turmoil.
Profits after tax were reported as SEK15m, the same as the year earlier period.
Earnings per share increased slightly to SEK0.18 from SEK0.17. Net sales in the six months remained unchanged on the same period last year at SEK350m.