Management buyout of SEB

04/10/2004

Captive investment managers SEB Asset Management America Inc has been acquired by management and key individuals of the firm effective September 15, 2004.

The fixed-income management operation will now be known as Hillswick Asset Management LLC.

Anders Ekernas, founder and president of SEB Asset Management America Inc and chief fixed-income portfolio manager since the 1997 inception of the firm, remains senior principle.

Mark McDonnell and Radha Lai alsp stay as portfolio managers, while Claude Parenteau continues to serve as marketing and client service director.

The US small and mid cap growth equity operation will now be conducted as Pier Capital LLC.

Pier Capital will be headed up by Jan Parsons, who founded the product in July of 1987 and who has acted as the chief equity portfolio manager since inception of the firm.

Vinay Ved will serve as portfolio manager and director of equity research.

Both Hillswick Asset Management LLC and Pier Capital LLC are 100% US employee owned firms.

The firms plan to continue working together, sharing offices, marketing/client servicing and administrative/ operations staff.

Hillswick Asset Management LLC will continue to offer active fixed income management services to institutional clients such as pension funds, endowments, and insurance companies, with a special focus on captive insurance companies.

The firm’s investment style focuses on high quality, liquid fixed-income securities well suited to insurance company needs and for purposes of collateralising reinsurance letters of credit.

Hillswick Asset Management LLC also offers very highly specialised and flexible accounting reporting services for insurance company clients.

Pier Capital LLC will continue to offer small and mid cap growth equity management services to institutional clients, including family offices, employing its research driven stock-picking process.

As successor entities to SEB Asset Management America Inc, both firms are able to demonstrate very successful long term performance track records vis-à-vis benchmark indices and relative to their peer groups of managers.