Last month Lundberg, head of corporate governance at the fund management arm of Swedish insurer Folksam, which oversees 100 billion Swedish kronor ($10.9 billion) in assets, wrote a letter to Finnish telecom Telia, which is buying Swedish rival Sonera. The missive asks Telia management to explain what the two companies got for their Skr480 million in investment banking fees. The lead bankers, Carnegie for Telia and Goldman Sachs for Sonera, were paid a standard 70-basis-point fee on the E7.3 billion ($7.2 billion) deal.