Profits for the asset management arm of SEB, the Swedish financial services group, were down 27% at year-end 2001, compared with the previous year.

Profits dropped from Skr809m (€88.5m) to Skr593m for the asset management operation, which is changing its name from SEB Invest back to SEB Asset Management, to better reflect their business aims. Its assets under management fell to Skr567bn at year-end 2001, from Skr591bn at the end of 2000.