STOCKHOLM, Sweden, Feb. 18, 2002 (PRIMEZONE) -- Investor AB will be allocating capital for management in a new company that is being formed by Sven Nyman, Executive Vice President of Investor AB. As of this fall, Sven Nyman will start his own asset management business outside the Investor Group. The scope of Investor's securities trading operations will be reduced at the same time.
This change fits well into Investor's ongoing focus on its main areas of operation - Core Holdings and New Investments. Investor's organization is currently being reviewed, a process that will be completed before the summer. The review will result in a reduction in staff, although it is too early to state the exact number of employees.
Investor's securities trading operations have been very successful and profitable during the past few years. However, since this business has been conducted internally within Investor, it has been strictly limited when it comes to trading shares of companies in which Investor has an ownership stake. The new company's activities will be able to develop in a freer manner with higher profit potential.
Sven Nyman has prior experience of running his own companies as founder and CEO of Lancelot and Arbitech, both partly owned by Investor. Erik Edholm, Head of Trading, and Dennis Johansson will also join the new company as partners.
"We believe strongly in the new business that will be established by Sven Nyman and it is therefore Investor's intention to allocate a substantial amount of capital for management by this company. During his 18 years with the Investor Group, Sven Nyman has contributed his broad knowledge and demonstrated his commitment to Investor's Core Holdings and New Investments business. It should be added that the securities trading operations have achieved impressive results during the past few years," commented Investor CEO Marcus Wallenberg in a statement.
Investor's securities trading operations will continue in their present scope until mid-year 2002.
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