As part of OMHEX's continued focus on core operations, OMHEX has signed an agreement with Svenska Handelsbanken to sell XACT Fonder AB to Handelsbanken, with transfer of ownership to be effected on June 30, 2004.
XACT Fonder manages Sweden's first exchange-traded funds (ETFs), XACT OMX and XACT SBX. The deal will have a positive affect on OMHEX's result of approximately SEK 16 million during the second quarter 2004.
"We started XACT Fonder four years ago with the intention of establishing and developing an exchange-traded fund product for the Swedish market. With XACT Fonder's positive development, we have achieved this goal at the same as we have realized that Handelsbanken is the best company to further this work. The sale of XACT Fonder also fits well into our strategy to focus on our core operations and to reduce the risk of competing with our customers," said Magnus Böcker, CEO OMHEX.
"Our presence and market share in the fund market have increased steadily and today, Handelsbanken is one of the leading fund and capital managers in Sweden. We have also noticed an increase in demand for our index-managed products, an area in which we have been particularly successful. Internationally, the market for exchange-traded funds is growing significantly. With the acquisition of XACT Fonder, which is an established brand for ETFs, it will be possible to develop this market and create new interesting products. The acquisition should also be seen as a part of our ambition to further increase Handelsbanken's presence in the area of fund and capital management," said Ulf Riese, Vice President Handelsbanken and Head of Handelsbanken Kapitalförvaltning.