Skagen, the independent manager acquired by financial group Storebrand in October 2017, has appointed deputy CEO Tim Warrington to the role of acting CEO with immediate effect following the departure of CEO Øyvind G. Schanke.
The company’s board has initiated a search for a permanent CEO. Schanke was appointed to the role in February 2017 after he joined from Norges Bank Investment Management, where he was CIO for Asset Strategies for the Government Pension Fund Global – Norway’s €850bn sovereign wealth fund also known as the ‘oil fund’.
Warrington has been with Skagen for a decade, initially responsible for international distribution and domestic wealth management then moving to the deputy CEO role in June 2013.
Another key member of Skagen’s senior management team is investment director Alexandra Morris, who remains responsible for overseeing the portfolio management team, confirmed Odd Arild Grefstad, chairman of the board of Skagen and CEO of Storebrand.
The departure of Schanke comes after the takeover of Skagen has initiated developments in Storebrand’s overall approach to distribution. The deal was partly explained by Storebrand getting access to a broader European distribution network already established by Skagen.
Jan Erik Saugestad, EVP Asset Management of Storebrand, added: “Important steps have already been taken in building a joint operational platform and strengthening distribution while at the same time safeguarding the independence of the investment boutique and its ability to provide clients with value.”