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Borea Asset Management currently manages just over ten billion NOK, heavily weighted towards special funds. With Frende banks on the owner side, which has customers with over NOK 40 billion in Assets Under Management, the company will now also strengthen the focus on fund products for the banks’ retail and corporate customers through a distribution model. This gives savings bank customers access to a high-performing fund environment that until now has only been reserved for professional investors.
Acquires 70 percent
Sparebanken Vest is one of the banks in the Frendegruppen, a collaboration between independent banks. The banks have in common that they are owners and distributors of Frende Insurance, Brage Finans, and Norne Securities. Now they are joining forces to buy 70 percent of the asset management company Borea Asset Management.
The goal is to build an asset management capability, headquartered in the banks’ market areas.
-From January 1, 2025, we hope that our customers will find new and high performing fund products in their trading solutions, says Heidi Nag Flikka.
New synergies and more staff
-With the new owners’ large distribution power and our robust management model, I am convinced that this will result in large synergy effects that will benefit customers. We are ready to welcome the banks’ customers and will use the next few months to attract even more of the sharpest minds in asset management, says Hilde Nødseth, CEO of Borea.
-For the Frendegruppen’s share of the company, we will establish a structure that regularly rebalances ownership after the value the banks bring to the company. This idea is core to Frendegruppen, namely that the values should return to the banks, rather than financing group activities, says CEO of Frendegruppen, Hans Olav Ingdal
The acquisition is planned to be completed during the third quarter of 2024, subject to approval from regulatory authorities. The period until January 2025, Borea and the new distributors will use to make the necessary adjustments to be able to offer Borea funds to bank customers.
Contact persons:
Frendegruppen:
Hans Olav Ingdal, CEO Frendegruppen, +47 94 80 93 28
Heidi Nag Flikka, CEO Flekkefjord Sparebank and leader of Frendegruppen’s interim board, +47 99 21 67 69
Borea Asset Management:
Hilde Nødset, CEO, +47 90 12 14 41
Willy Helleland, Investment Director, +47 41 12 05 11
Magnus Vie Sundal, Portfolio Manager, +47 47 40 89 67
Sparebanken Vest:
Jan Erik Kjerpeseth, CEO: +47 951 98 430
Frank Johannesen, CFO: +47 952 65 971
Brede Borgen Kristiansen, Director of Finance, Operations and Investor Relations: +47 479 06 402
Hanne Dankertsen, Director of Communications: +47 994 49 173
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