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Life and Investment Management to become separate divisions

SEB will split its Life & Investment Management division in two. The head of Investment Management will report to Johan Torgeby, while David Teare, head of the Life division, will report to Mats Torstendahl, head of the Corporate & Private Customers division.

“Demand for long-term saving will increase as people need to take more responsibility for their personal financial security themselves. By making this organisational change, we can further strengthen our savings offering to meet customer demand, both through holistic advisory services and high-quality investment products that are cutting-edge on sustainability and rate of returns,” says Johan Torgeby.

The change will be effective from 1 January 2019 and means that David Teare, head of the life division will report to Mats Torstendahl, head of Corporate & Private Customers. David Teare will also be an additional member of the Group Executive Committee.

The incoming head of Investment Management, to be recruited, will report to Johan Torgeby and also become an additional member of the GEC. As reported earlier, Peter Brannner, formerly head of Investment Management, has left SEB for a job outside the bank. Hans Ek is acting head of Investment Management until a new head is in place.