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7 Jul 2011

S&P Awards SEB Fund of Hedge Funds "AA" Rating

Stockholm ( SEB's True Market Neutral fund has become the first Nordic fund of hedge funds to receive an ”AA” rating by worldwide financial-market intelligence leader Standard & Poor (S&P).

"This is a stamp of approval for the fund, which has delivered stable returns for our customers regardless of the development in the stock market," Mikael Spångberg, lead manager at SEB's True Market Neutral fund, said.

The Sweden based wealth manager has total assets of SEK 2,118 billion and is represented in 21 countries with 17,000 employees.

S&P said of the the Swedish money manager, ”SEB deserves credit for its highly disciplined process, achieving the fund objective during periods in which the overwhelming majority of funds of hedge funds have fallen short. For example, the fund returned 3 per cent in 2008, and has continued to provide positive returns every year."

The fund, which is targeting institutional investors, aims to provide an annualised return of 3-4 percentage points above the risk free rate and to deviate no more than 5 percentage points from the target and have no correlation to stock markets.

In addition, S&P's has also rated SEB's hedge funds Dynamic Manger Alpha and Asset Selection funds "AA".