SpareBank 1 appoints Odin manager to build equity fund capabilities

Jonathan Boyd
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SpareBank 1 appoints Odin manager to build equity fund capabilities

Norway’s SpareBank 1 Kapitalforvaltning has appointed Thomas Nielsen as a portfolio manager as it seeks to build a new fund as part of developing its offering of equity and fixed income funds.

Formed through the merger of SpareBank 1 Nord-Norge Forvaltning, and Allegro Kapitalforvaltning in the autumn of 2017, SpareBank 1 Kapitalforvaltning has some NOK13bn (€1.3bn) in AUM spread across discretionary mandates. It has service agreements in place with most of the banks in the SpareBank 1 Alliance. The SpareBank 1 group also owns Odin Fund Management, one of the largest domestic mutual fund providers in Norway.

Nielsen previously worked as the manager on the Odin Eiendom fund – an equity fund invested in listed property companies – since August 2014, after joining Odin in 2013. He has also worked as an analyst at Fondsfinans, Kaupthing and Pareto.

Alf Kåre Karoliussen, CEO of SpareBank 1 Kapitalforvaltning, said Nielsen’s appointment came because he brought a way of thinking that suited the intended new equity fund, which will have an aggressive profile. The group is looking to strengthen its position in both the institutional customer segment as well as the digital savings market, which is mainly being serviced with securities funds. Establishing a new business area of own fixed income and equity funds is a way to reach this customer segment, he added in a statement.

Through the SpareBank 1 Alliance, the manager is able to reach customers with long term asset management needs; predominantly individuals, organisations, foundations and public sector institutions.

The Alliance brings together some 14 regional savings banks, and some 300 bank branches, claiming a 20% national share of loans and deposits.

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