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ABB Asset Management

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Zurich, Switzerland, August 28, 1998 - ABB, the international engineering company, announced today it has agreed to sell its investment and asset management business to Skandinaviska Enskilda Banken, of Stockholm, Sweden. The business involves institutional asset management, mutual funds, ABB pension funds and the asset management of some ABB insurance-related funds. Total funds under management amount to approximately US$ 4 billion. The business employs about 80 people with operations in Sweden, Finland, Norway, the U.S., Switzerland and Poland, and reported income before taxes in 1997 of US$ 1 million.


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