Best private bank: Carnegie Private Banking
Offering personalised wealth management solutions and exclusive events, Carnegie Private Banking achieved significant revenue and profit growth during the review period.
Through partnerships with Swimbird and Jay Solutions, Carnegie manages multi-bank, global assets and high-value items, simplifying complex wealth data into integrated, seamless reports for clients.
The bank hosts exclusive events in Marbella, Palma and Portugal for ultra-high-net-worth, high-net-worth and family-office clients. Speakers at the events include specialists from the bank’s tax and legal team, as well as senior management from the investment banking, securities and private banking divisions.
By June 30, 2024, Carnegie had successfully completed the acquisition of Erik Penser Bank, which has meant that clients now have more unique investment opportunities through Carnegie’s investment bank.
In the first half of 2024, Carnegie’s private banking revenue rose by 19% to SEK503 million ($50 million), while assets under management within private banking increased by 39% to SEK264 billion.
Best wealth manager: Coeli Wealth Management
Coeli Wealth Management has achieved substantial growth in assets under management (AUM), offering exclusive private market opportunities and comprehensive wealth management services.
The investment firm saw significant financial growth over the review period, with AUM growing by 35% to reach SEK65 billion ($6.4 billion). Their public market funds outperformed the index by 6% during this time, while the private equity portfolio achieved a 26% average internal rate of return. The investment firm’s ultra-high-net-worth investor network expanded by a remarkable 140%, adding 350 new members with at least SEK200 million in investable assets.
The investment firm provides access to private equity and real estate investments typically reserved for large institutions. Clients can co-invest with the bank in 8-10 private market investments annually, focusing on high cash flow and growth. Notable investments include Project Everglade (UK healthcare), Project Mario (Norwegian private equity), and Orminge (real estate).
The investment firm offers comprehensive wealth management services, including tax expertise, generational wealth planning, family law, and pension advice. With its new credit market, the investment firm is able to provide lending services via a one-stop financial solution.
The digital client portal enhances customer experience with improved investment communication, portfolio overviews and direct support.
The investment firm hosts over 50 digital events and over 20 physical events to investors annually, offering access to top investment teams and networking opportunities.
Best for family-office services: Coeli Wealth Management
Coeli Wealth Management offers family-office clients exclusive investment opportunities, comprehensive wealth management services, and enhanced digital and lending solutions.
Clients benefit from a dedicated team specialising in portfolio management, tax, company expertise, wealth planning, generational change, family law and pension advice. The investment firm’s legal and succession-planning services empower clients to maintain control over their wealth, minimise risks of loss, and maintain family legacies. Investment experts are on-hand to assist clients in their purchase or sale of companies, assisting them with valuation methods, access to network capital and an extensive investor network.
The investment firm offers family-office clients the opportunity to invest in private equity and real estate options, such as Project Everglade, Project Mario and Project Bravo, that are typically reserved for institutional investors.
Clients also have access to the investment firm’s in-house investment expertise, which includes services and advice on how to run a business and make successful investments.
During the review period, the investment firm hosted more than 50 digital events and over 20 physical events, giving clients the chance to interact with the investment firm’s investment teams and fellow family-office clients.
Best for discretionary portfolio management: Carnegie Private Banking
Offering diversified private equity funds and sustainable investment portfolios, Carnegie Private Banking has achieved significant growth in assets under management.
The bank announced its collaboration with EQT at the end of 2023, providing clients with early access to the EQT Nexus Fund. The open-ended private equity fund offers diversification across various strategies (buyout, venture, growth, infrastructure) and vintages, with quarterly liquidity to cater to smaller or non-professional clients.
The discretionary offering includes Swedish, Nordic and global stocks, as well as low-risk bonds, high-yield bonds, alternative assets and global ETFs. In 2024, four portfolios were reclassified as Article 8, with 65% of discretionary portfolios now falling into this category.
The bank’s investment strategy team, led by the CIO and supported by 11 professionals, oversees the discretionary portfolio management. Clients have multiple options to monitor their portfolio performance, including the online platform, mobile app, monthly reports, strategy documents, and personalised meetings with their adviser.
At September 30, 2024, assets under management in discretionary portfolios had grown by 49% year-on-year.
Best for digital solutions: ABGSC Private Banking
ABGSC Private Banking’s digital offering stands out for combining cutting-edge technology with a client-centric focus.
The bank’s wealth and portfolio management tools offer clients sophisticated options to manage their investments, including real-time insights and analytics that empower them to make informed decisions and optimise their portfolios.
Client communication and collaboration platforms have been designed by the bank to foster strong relationships between clients and their advisers. These platforms facilitate efficient and secure communication, ensuring clients receive timely and personalised advice.
Onboarding and customer acquisition processes have been streamlined to ensure a smooth and efficient experience for new clients, while the bank’s data-driven approach allows for a better understanding of client needs so that services can be tailored accordingly.
Cybersecurity is a key focus for the bank, which has implemented robust measures to protect client data and ensure the integrity of its systems, continuously updating its protocols to address emerging threats.
The bank’s adoption of AI tools has enhanced client satisfaction and optimised the bank’s services, from personalised financial advice to predictive analytics.
Best for investment research: Carnegie Private Banking
Carnegie Private Banking offers extensive investment research, excelling in commissioned research rankings.
The bank monitors nearly 500 Nordic companies, representing about 95% of the market value on Nordic exchanges. Over 60 equity analysts operate from the bank’s four Nordic offices, with their in-depth knowledge spanning listed Nordic companies and their international competitors.
The bank publishes over 2,500 research reports annually on its web-based platform, Carnegie Edge, including sector and company reports, quarterly updates and strategy analyses. Combining quantitative factors with qualitative ESG assessments, the bank produces a unique annual sustainability report. The Carnegie Commissioned Research initiative, launched in October 2023, has since achieved first place in Prospera’s commissioned research rankings.
Private banking clients enjoy access to a condensed version of top-ranked institutional research in English, featuring both short- and long-term investment cases, as well as monthly video seminars in Swedish.
Best for sustainability: Carnegie Private Banking
Carnegie Private Banking has made significant contributions towards sustainable finance, supporting global social initiatives and expanding its ESG investment options.
The bank conducts extensive sustainability screening on all discretionary portfolios, ensuring compliance with UN Principles for Responsible Investment and encouraging investment in sectors such as renewable energy and sustainable agriculture.
In 2024, the bank expanded its sustainable offerings by adding four new discretionary Article 8 portfolios, with approximately 65% of the bank’s discretionary portfolios now classified as Article 8. The majority pertains to investments in the Nordic region, where Carnegie Research annually conducts a thorough sustainability analysis of approximately 400 listed companies.
Among the bank’s discretionary portfolios, the Global Stock Picking Fund emphasises energy transition, while the Global Themes Portfolio focuses on food and energy security.
The bank has a longstanding collaboration with Social Initiative to support global education and poverty alleviation projects. Among the bank’s staff, 70% actively contribute to philanthropic projects, with private banking clients benefiting from tailored philanthropic advice. The bank supports impactful initiatives for global social progress, such as IT education for children in Mumbai and self-sufficiency programmes in rural Uganda.
Best for alternative investments: Coeli Wealth Management
Coeli Wealth Management has seen strong growth over the review period, driven by strong institutional investment and impressive private equity returns.
In the past year, the investment firm’s assets under management surged by 35%, reaching SEK65 billion ($6.4 billion) and outperforming many competitors.
The investment firm’s diverse range of investment products has attracted significant institutional interest, with one of the world’s largest banks investing a total of SEK7 billion into Coeli’s European Equity strategies, doubling its investment during the review period.
Additionally, the investment firm’s private equity portfolio has delivered an impressive average internal rate of return of 26%, significantly surpassing its target return of 15%.
