SEB, Sweden’s biggest bank, made an operating profit in wealth management of SEK310 million ($46 million) in the first three months of 2012, down from SEK405 million in the same quarter in 2011 and SEK428 million in the previous quarter.

The bank also said that the wealth management segment, which includes both institutions and high net worth individuals, saw nearly 300 new clients and SEK7 billion of new volumes in the three months to 31 March.

The bank’s total assets under management amounted to SEK1.226 trillion, up from SEK1.175 trillion at the end of last year but down from 1.303 trillion a year ago.

In the presentation of its quarterly results, SEB also revealed plans to expand its private banking operation in London.

“The UK banks are having some problems, and Nordic clients are coming back to Nordic banks,” Peter Kubicki, managing director of SEB’s international wealth management arm, told this publication. “The UK is a core market for our international banking, and we want to come closer to the clients.”

More details and plans for the private banking business in the UK will become known in the summer.

Across its divisions, SEB logged a net profit of SEK2.66 billion for the first quarter, in line with the result for the same period in 2011, and up 14 per cent on the final quarter of last year.