SEB Invest, the Stockholm-based asset management arm of the Swedish financial services company, saw its net profit fall from Skr180m (€19.1m) in the second quarter to Skr75m, prolonging the pain of disappointing results for the first half of the year.

Compared with the period from January to September 2000, profits for the first nine months of 2001 fell 26%, from Skr492m to Skr365m. Revenues also decreased by 6% from Skr1.21bn to Skr1.14bn.