Citywire Selector - For Professional Investors

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Founder Stensrud exits Skagen after pension fund purchase

Founder Stensrud exits Skagen after pension fund purchase

Famed emerging markets investor and Skagen company founder Kristoffer Stensrud has left the group following the completion of its takeover by pension giant Storebrand.

A notice to shareholders stated an extraordinary general meeting on December 7 confirmed the purchase, which was first announced in October.

As part of the deal, a newly formed board was announced, which includes Storebrand CEO Odd Arild Grefstad joining as chairman. This is while former Skagen portfolio manager Kristian Falnes is named as a member.

A spokesperson for Skagen told Citywire Selector that Stensrud had gradually been reducing his duties over a long period of succession planning and the purchase presented a prime time for him to retire from the company.

Rebalanced board

Stensrud is among six people to have stepped down from the board, with Henrik Lisaeth, Anne Sophie Stensrud and Frances Eaton departing as board members, while Simen Vier Simensen and Jesper Rangvid leave as deputy members.

Stensrud was a founding member of the Stavanger-based independent asset manager in 1993. This was alongside Tor Dagfinn Veen and Åge K. Westbø.

Over his tenure, Stensrud oversaw the launch of several funds, including the Skagen Kon-Tiki fund, which he brought to market in 2002. While he saw a strong period of outperformance and asset growth in the early 2000s, performance has waned in recent years.

Against the backdrop of several major changes at the group, Stensrud yielded his lead manager role in October 2016, with Knut Harald Nilsson taking on the sole responsibility. This saw Stensrud remain on the strategy but in an advisory role as Nilsson refocused the fund as a high-conviction approach.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Events
  • Citywire Luxembourg Forum

    Citywire Luxembourg Forum

  • Citywire DACH 2017

    Citywire DACH 2017

  • Citywire Italy 2017

    Citywire Italy 2017

  • Citywire Berlin 2017

    Citywire Berlin 2017

  • Citywire Miami 2017

    Citywire Miami 2017

  • Citywire Professional Buyer

    Citywire Professional Buyer

  • Citywire Madrid 2017

    Citywire Madrid 2017

  • Citywire Switzerland Retreat 2017

    Citywire Switzerland Retreat 2017

  • Citywire Amsterdam 2017

    Citywire Amsterdam 2017

  • Citywire Frankfurt 2017

    Citywire Frankfurt 2017

  • Citywire Alternative Ucits Retreat 2017

    Citywire Alternative Ucits Retreat 2017

  • Citywire Paris 2017

    Citywire Paris 2017

  • Citywire Milan 2017

    Citywire Milan 2017

  • Citywire Deutschland 2017

    Citywire Deutschland 2017

  • Citywire DACH 2017

    Citywire DACH 2017

  • Citywire Italy 2016

    Citywire Italy 2016

  • Citywire Milan 2016

    Citywire Milan 2016

  • Citywire Alt Ucits 2016

    Citywire Alt Ucits 2016