It is understood Bredesen will assume the role of a generalist portfolio manager at the firm with no fixed mandate.
The Skagen Vekst fund is a Norway-domiciled fund, which is currently registered for sale in eight European markets. It invests at least 50% of its assets in companies listed or trade on the Norwegian market or companies domiciled in Norway.
At present it has 55% allocated to the Norwegian market, with 10.2% in South Korea and 8.2% in the US market. This is while, on a sector basis, energy (22.5%) makes up the largest allocation.
The Skagen Vekst fund has returned 5.1% in the three years to the end of March 2013. This compares to its Citywire benchmark, the MSCI Norway TR, which rose 37.54% over the same period.