Carnegie

What Carnegie does

Carnegie (legally Carnegie Investment Bank AB, now operating as DNB Carnegie following its March 2025 acquisition by Norway's DNB Bank ASA for SEK 12 billion) is a 220-year-old Nordic investment bank headquartered in Stockholm, with additional offices across Sweden (Gothenburg, Malmö, Linköping), Norway, Denmark, Finland, the UK, and the US. The firm operates three integrated lines of business: Investment Banking (M&A advisory, equity capital markets including IPO underwriting, debt capital markets, and private equity advisory); Securities & Research (institutional equity research, brokerage, sales trading, and fixed income — covering approximately 400 Nordic companies representing roughly 95% of regional exchange market value, produced by ~60 analysts generating ~2,000 analyses per year); and Private Banking (wealth management for clients with a SEK 10 million minimum investable threshold). Supporting products include Carnegie Fonder (fund management), Carnegie Edge (institutional platform with 10,000+ analyses on ~350 companies), Carnegie Access / Commissioned Research (small-cap research platform), the AI-powered Montrose investment platform, and the Carnegie Nordic Ind-X index family calculated by SIX Financial Information.

The business model blends transaction-driven professional services (M&A advisory fees, IPO underwriting, DCM fees, commissioned research) with recurring AUM-based revenue (Private Banking above the SEK 10M threshold, Carnegie Fonder fund management, Holberg funds). Go-to-market is enterprise field sales across corporates, entrepreneurs, high-net-worth individuals, private equity firms, and government entities, with a horizontal sector coverage model spanning Industrials, Consumer & Retail, Healthcare, Financial Institutions, Infrastructure & Real Estate, and TMT. Following the DNB acquisition, Carnegie is integrating into Norway's largest financial services group while retaining its brand and Stockholm-based operational core; in 2025 it became Europe's most prolific IPO underwriter (5 IPOs, ~USD 2bn raised) and in 2026 launched Montrose, positioned as Europe's first AI-portfolio investment platform.

Name

Carnegie

Legal name

Carnegie Investment Bank AB (publ)

Website

https://carnegie.se

Company type

Private

Founded year

1803

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Carnegie (DNB Carnegie) is a 220-year-old Stockholm-based Nordic investment bank offering M&A advisory, IPO/equity and debt capital markets, institutional equity research covering ~400 Nordic companies, and private banking above a SEK 10M threshold; acquired by DNB Bank ASA in March 2025 for SEK 12 billion.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps) (FSAEAGAE)

akta.pro secondary industries

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Institutional Consultants & Fiduciary Management (Investment Consulting) (FSAAAGAJ), Debt Capital Raising Intermediation (Private Debt/Mezzanine/Bonds) (FSAEALAM)

Keywords

• Investment banking services
• Private banking
• Equity research
• Mergers acquisitions advisory
• Wealth management

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Investment Banking: M&A advisory, IPO services, equity capital markets, debt capital markets, and private equity advisory services
2. Securities Services: Research, brokerage, and equity sales to institutional clients; fixed income research and sales; equity capital market transactions
3. Private Banking: Wealth management and investment advisory services for high net worth individuals with minimum SEK 10 million in assets under management
4. Commissioned Research: Paid research analysis for small and medium-sized listed companies - company compensates Carnegie for analysis without recommendation or target price
5. Fund Management: Carnegie Fonder and Holberg fund management services

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Carnegie is a Nordic investment bank providing investment banking services (M&A advisory, equity capital markets including IPO advisory, debt capital markets, and private equity advisory), institutional securities services (equity research covering 400+ Nordic companies, brokerage and sales trading), and private banking/wealth management for high-net-worth individuals with minimum SEK 10 million in investable assets. The firm also offers commissioned research through Carnegie Access, fund management via Carnegie Fonder, and AI-powered investment tools through Montrose.

Product overview

Carnegie operates as a unified investment and private banking platform with multiple integrated services. The core offering spans Private Banking (wealth management), Securities & Research (institutional equity services), and Investment Banking (corporate finance). Supporting these are specialized platforms including Carnegie Access/Commissioned Research for small-cap company analysis, Carnegie Edge for institutional investors with 10,000+ analyses, PB Online for client portfolio access, and the AI-powered Montrose investment platform. Fund management is provided through Carnegie Fonder, while the Getting Women on Board initiative supports gender diversity. The DNB Carnegie Index provides market benchmarking across Nordic markets. The company was acquired by DNB Bank ASA in March 2025, completing the integration into Norway's largest financial services group.

Differentiator

Problem solved

Functional benefit

Brands

• Carnegie Access: Platform for commissioned research and analysis of small and medium-sized listed companies
• Carnegie Fonder
• Montrose
• Carnegie Edge
• Getting Women on Board

Products and services

• Private Banking Wealth management services for high-net-worth individuals providing investment management, investment advisory, and securities trading through personal relationship managers and online platforms including PB Online mobile app and web service. Requires minimum SEK 10 million in investable assets.
• Securities & Research Institutional services including equity research, brokerage, sales trading, and equity capital market transactions for institutional investors. Fixed Income unit offers bond research and sales. Top-ranked research covers more than 400 Nordic companies across Sweden, Norway, Denmark, and Finland.
• Investment Banking Corporate finance services including Equity Capital Markets (IPO advisory, new share issues, private placements), Mergers & Acquisitions advisory, Debt Capital Markets, and Private Equity advisory services. Carnegie was Europe's most prolific IPO underwriter in 2025 with 5 IPOs raising approximately USD 2 billion.
• Carnegie Access / Commissioned Research Platform providing commissioned research for small and medium-sized listed companies to increase visibility and knowledge. Analysis is paid for by the analyzed company, distributed to institutional customers, and made publicly available on the Carnegie Access platform.
• Carnegie Fonder Fund management company offering investment funds as part of the Carnegie Group ecosystem. Carnegie Fonder is a wholly-owned subsidiary providing mutual fund products to investors.
• Montrose by Carnegie AI-powered investment platform that allows customers to connect their portfolio to an AI interface. First in Europe to offer this capability, enabling portfolio management through AI interaction. Launched by DNB Carnegie.
• DNB Carnegie Index (Carnegie Nordic Ind-X) Index family consisting of 6 indices within the Small Cap segment, calculated separately for Nordic countries and combined into a total Nordic index. Market capitalization-weighted and maintained by SIX Financial Information. Covers all listed companies in Sweden, Norway, Finland, and Denmark.
• DNB Carnegie Small-Cap Analysis Platform New small-cap analysis platform offering hundreds of analyses and company comments, openly accessible to all investors. Extends Carnegie's research distribution to a broader investor audience.

Quantifiable outcome

• DNB Carnegie topped the 2026 Extel Survey for the tenth consecutive year
• +4 more outcomes

Named customers5 records

Segments11 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core and minor.

• MontrosecoreStrategic or Co-development PartnerMontrose is a new business initiative by DNB Carnegie - an investment platform that became the first in Europe to let customers connect their portfolio to an AI interface. Named 'Bank of the Year 2025' by Privata Affärer.
• Generation PepminorStrategic or Co-development PartnerDNB Carnegie Private Banking became a founding partner to Generation Pep, working together to promote children's and youth health.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• SEB: Major Nordic universal bank offering M&A advisory, ECM/DCM, equity research, and private banking across the same geographies as Carnegie. Direct competitor for league-table rankings and corporate finance mandates in Sweden and the Nordics.
• Nordea: Largest Nordic financial group with corporate advisory, capital markets, and wealth management. Competes head-to-head with Carnegie on Nordic ECM league tables and large-cap M&A mandates.
• Danske Bank: Danish-headquartered universal bank with strong corporate finance and capital markets franchises across the Nordics. Direct overlap with Carnegie in Danish ECM, M&A advisory, and institutional research.
• ABG Sundal Collier: Nordic-focused investment bank specializing in equity research, ECM, and M&A advisory. Closest pure-play comparable to Carnegie's mid-cap Nordic franchise and a direct competitor on league tables.
• Pareto Securities: Independent Nordic investment bank with strong equity research, sales, and ECM focus, particularly in Norway and Sweden. Overlaps with Carnegie's mid-cap advisory and institutional research businesses.
• Kepler Cheuvreux: European independent research and execution house with strong Nordic equity research presence. Competes directly with Carnegie's institutional research, brokerage, and corporate access offerings.

Broad incumbents

• Swedbank: Swedish universal bank with corporate advisory and securities capabilities primarily focused on the Baltic and Swedish markets. Broader retail/commercial orientation but competes for Nordic mid-market mandates.
• Handelsbanken: Swedish universal bank with corporate finance and wealth management; competes with Carnegie's private banking and mid-cap advisory franchises, though with a broader deposit-funded model.
• DNB Bank ASA: Norwegian universal bank and Carnegie's parent company since March 2025. A broader incumbent now embedding Carnegie's investment banking and securities capabilities into its corporate and personal banking platform.
• Jefferies: US-based full-service investment bank with growing Nordic and European mid-market M&A and ECM franchises. A broader incumbent increasingly targeting the same Nordic mid-cap issuers Carnegie serves.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/kunskapsbanken
• Facebookfacebook.com/carnegiese
• LinkedInlinkedin.com/company/carnegie-investment-bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors2 records

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M&A

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carnegie