Anders Kvist, group executive vice president and head of DnB Asset Management, is stepping down from all of his roles with the company after it was revealed that he received a bonus from Skandia, the holding company which sold Skandia Asset Management to DnB in 2002.

In a statement Skandia said: "Extensive work has been carried out for quite some time within the Skandia group on examining routines, practices, agreements and business events during the term of previous managements.