Norwegian manager Skagen has announced that Kristoffer Stensrud is to step back from his role as a co-lead manager on the Kon-Tiki fund, but continue to act as a portfolio manager focused on stock selection on behalf of the strategy.
Knut Harald Nilsson will become sole lead manager. He has been co-lead since 2014 on the fund, which invests globally in emerging market equities.
Stensrud said the change would give him more time to focus on investments, following a few years of being “not satisfied” with the fund’s performance.
The manager change will be matched by the establishment of a new product specialist team, led by Hilde Jenssen, who has also worked as a portfolio mangaer on Kon-Tiki since October 2013.
Timothy Warrington, deputy CEO of Skagen, said: “Hilde was the obvious choice to lead this new department in SKAGEN. She has strong investment and communication skills – a combination that is not always easy to find. We look forward to the benefits this move will bring our clients.”
Besides Nilsson and Stensrud, other portfolio managers on Kon-Tiki include Erik Landgraff and Cathrine Gether.