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New organisational structure
SKAGEN has been part of the Storebrand Group since 2017 and has since then operated under exemption as a separate management company and subsidiary of Storebrand Asset Management. According to the Norwegian Financial Enterprises Act, the main principle is that, within a corporate group, similar businesses shall be run from a common legal entity. As SKAGEN's exemption from the above principle has expired, certain structural changes will be made, following formal FSA approval. The changes are expected to occur during the course of November 2023.
Under the new structure, SKAGEN's portfolio team will continue to manage the funds' portfolios from a new separate legal entity – named SKAGEN AS – under an outsourcing agreement with Storebrand Asset Management. This will be done in such a way that SKAGEN remains an active and independent investment house with a continued focus on generating good returns for our clients. The remainder of the organisation will be transferred to Storebrand Asset Management.
What does this mean for clients?
While clients will be legally transferred to Storebrand Asset Management, there will be no impact on the client experience and no action will be required on their part. Clients will continue to enjoy the same SKAGEN proposition, and will also benefit from a broader offering across other products and services in time. Our approach to client service, advice, and communication will also be unaffected by the changes.
Tim Warrington, CEO of SKAGEN commented:
"SKAGEN is well-known as an active, value-based investment manager with a strong client focus. This will not change, and our focus remains on the delivery of best risk adjusted returns and service to all our clients.”
Jan Erik Saugestad, CEO of Storebrand Asset Management commented:
"SKAGEN's focus is and always has been on providing the best possible returns and service to clients. As such, SKAGEN has made a valuable contribution to Storebrand Asset Management over the past five years. The upcoming organisational change has been driven by law and regulation and we believe that it is in the clients' best interests for SKAGEN to operate as a local, independent investment company."
SKAGEN's main office will remain in Stavanger and employees will not be relocated.