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.
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.