Wallenbergs Reshuffle SKF Holding,Create mgmt FirmReuters

Wallenbergs Reshuffle SKF Holding,Create mgmt FirmReuters A foundation linked to Sweden's powerful Wallenberg family on Tuesday reshuffled its holding in bearing maker SKF, shifting a 10 percent stake in SKF into a newly established management firm. Regulatory filings earlier in the day showed the Knut and Alice Wallenberg Foundation had sold its 45.75 million shares in SKF to Foundation Asset Management AB (FAM). This corresponds to 10 percent of SKF's capital and 29.1 percent of voting rights. In a separate statement, FAM said it was a newly established vehicle for the management and administration of three of the foundations linked to the Wallenberg family. "FAM was established to achieve effective management, designed for today's capital markets," the firm said.It said the combined assets of the three foundations totalled around 58 billion Swedish crowns ($9.15 billion). "To begin with, around 21 billion crowns will be transferred to FAM, among which will be the foundations' holdings in SKF and Stora Enso," the firm said.Over the longer term, the foundations will also transfer a further 10 billion shares, including holdings in Saab, Scania and SAS, to FAM. "(Stakes in) Investor and SEB will in the future be owned directly by the foundations, but will be managed through an advisory agreement with FAM," FAM said.FAM said that as well as the 10-percent stake in SKF, it also held 8.6 percent of the capital of Stora Enso, equivalent to 26.6 percent of the votes. SKF shares were up 0.2 percent at 104.25 crowns at 0856 GMT while Stora Enso shares were down 0.6 percent at 10.56 euros. (Reporting by Simon Johnson & Anna Ringstrom; Editing by David Cowell)