Carnegie is acquiring the Erik Penser Wealth Management and Erik Penser Corporate Finance business areas as well as the Penser Access and Penser Future research services from Erik Penser Bank. The consideration for the completed transaction consists of shares in Carnegie. Upon completion of the acquisition, Jenny Penser will be seated on the board of directors of Carnegie. The transaction is conditional upon customary regulatory approvals and is scheduled to close in late November 2023.
This is a strategic move for both parties, who will together further solidify Carnegie’s position as the leading provider in wealth management, financial advisory and asset management in the Nordic region.
Carnegie Group is today the leading financial adviser and asset manager in the Nordic region, with 800 employees in six countries. Through the acquisition, Carnegie is accelerating its growth strategy while strengthening the business and its recurring revenues, thus ensuring uninterrupted delivery of a high-quality offering to clients.
Penser offers a comprehensive portfolio of financial services and is one of the most highly respected financial brands in Sweden. Erik Penser Bank was founded through the establishment of Erik Penser Fondkommission in 1994 by Erik Penser, one of the most compelling individuals in Carnegie’s history. His involvement in the firm was a significant factor in the evolution of Carnegie to what it is today. The Penser family has now chosen to integrate its entire securities business with Carnegie in order to continue delivering value to its clients while contributing to Carnegie’s growth journey.
“This is a particular pleasure, considering that I began my career with Carnegie back in 1968. That we are doing it together is a mark of the quality we have delivered to our clients for 30 years”, says Erik Penser.
“Carnegie has a clear-cut growth strategy and the acquisition of Penser’s operations will accelerate our growth. The combined offering we are now gaining through Penser’s wealth advisory, corporate finance and research business complements our own business. It gives us a unique opportunity to follow companies and clients through all phases of their development. Carnegie is becoming a true full-service provider”, says Carnegie CEO Tony Elofsson.
“I am honoured and delighted that the Penser family have decided to continue their work in partnership with Carnegie. A client-centric model is fundamental to both of our businesses and is also what makes Penser a perfect fit for Carnegie. This is a very natural step for both companies and it is especially gratifying that the Penser family is returning to Carnegie after so many years”, says Tony Elofsson.
“We are extremely pleased to welcome Jenny Penser to the board of directors of Carnegie. Jenny Penser’s expertise is highly relevant to our board and to Carnegie’s business. Her appointment will be an outstanding way to deepen our long-term partnership and carry the Penser heritage into the future”, says Carnegie Board Chair Anders Johnsson.
“We look forward to working with Carnegie to continue delivering longevity and security to our clients”, says Jenny Penser. We have every confidence in Tony Elofsson, whose leadership clearly aligns with our values. By taking a seat on the board, I hope to ensure that the sense of family endures and that the outcome of this will be optimal for employees and clients alike,” says Jenny Penser.
Erik Penser Bank’s remaining operations will continue under the management of Fredrik Sträng.