SEB sells its KAG to Universal-Investment

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Investment bank SEB AG has sold its German investment management company to Universal-Investment.

The Master KAG, or kapitalanlagegesellschaft, which includes an alternative UCITS fund from Tungsten Capital Management, was sold to UI at the end of last year. It increases UI’s assets managed by €110 million and increases the number of clients in German-speaking countries.

The acquisition means that it offers an additional asset class and follows the German financial authority, BaFin, giving UI the permission to launch and manage hedge funds from September 2011.

The hedge fund managers on the SEB Master KAG platform include funds from Loys, Tungsten