Íslandsbanki Wealth Management signs a partnership agreement with DnB NOR Asset Management

01.12.2010

Íslandsbanki Wealth Management have signed a partnership agreement with DnB NOR Asset Management (DNAM), the asset management arm of DnB NOR, The agreement covers distribution of DNAM's products and services in the Icelandic market towards all client segments, i.e. institutional investors, individuals and corporates.

Íslandsbanki Wealth Management has been searching for a suitable partner in the Nordics for the last year, based on the fact that many Icelandic investors will look at the Nordic market as a home market following the lifting of currency controls. DnB NOR Asset Management was Íslandsbanki's first choice as a partner in the Nordics, showing the best overall track record in Wealth Management's analysis of Nordic Asset Managers.

There is a long term commitment in the partnership from both parties, which can best be expressed in the fact that there are currency controls presently in effect in Iceland. However, despite the currency controls, private and institutional investors that hold foreign assets can utilise DNAM's funds and services through Íslandsbanki since they have a right to re-invest proceedings from sales of currently held foreign assets. DnB NOR is currently in the process of passporting their Luxembourg domiciled funds for public distribution in Iceland.

DnB NOR Asset Management is the asset management arm of DnB NOR, managing EUR 60 billion across multiple asset classes. DnB NOR is Norway's largest financial services group with total combined assets of EUR 260 billion. Islandsbanki Wealth Management is one of the largest providers of investment services in Iceland having hundreds of billions of ISK under management. Islandsbanki Wealth Management is a division of Islandsbanki one of three largest bank in Iceland with ISK 700bn asset base.

Jörgen Hjemdal, Executive Director, DnB NOR Asset Management:

" Over the last years we have gained considerable knowledge of the Icelandic market, and we are confident we have found a good partner for a mutually rewarding partnership for the long term. We believe that the products that we have to offer will be well suited to Icelandic investors' and savers' needs. The agreement with Islandsbanki is an important step in our plans for international growth."

Stefán Sigurdsson, Managing Director of Íslandsbanki Wealth Management:

„We are very pleased with the partnership agreement with DnB NOR Asset Management. We believe that Icelandic savers and investors will want to diversify their risk outside of Iceland once currency controls are lifted and in that context we see the Nordic market as one of the most important geographical areas. Our goal was to find and initiate partnership with the best asset management company in the Nordics and in our analysis DnB NOR came repeatedly up on the top of our lists".

Older news

Islandsbanki hf.: Íslandsbanki issues SEK 1 billion callable 4-year bond (4NC3)

19.04.2018 - IR Releases
Íslandsbanki has today issued a SEK 1 billion 4NC3 Floating Rate Note senior unsecured bond, at a spread of 80 basis points over 3-month STIBOR.More

New tourism industry report

17.04.2018
According to Íslandsbanki’s new tourism industry report, Airbnb is now three times larger in the domestic market than all of Iceland’s guest houses...More

Sales process of Iceland Drilling initiated

16.04.2018
A sales process has been initiated for the sale of all shares in Iceland Drilling. Iceland Drilling is owned by SF III, a fund managed by Stefnir...More

Lyf og heilsa acquires constrction company Trésmiðjan Börkur

11.04.2018
The owners of Börkur hf. have come to an agreement on the sale of a 100% stake in the company to Lyf og heilsa hf. Delivery of the company to its new...More

Íslandsbanki Annual General Meeting 2018

22.03.2018 - IR Releases
Íslandsbanki’s Annual General Meeting (AGM) was held today, Thursday 22 March 2018, at 15:00 hrs., at the Bank’s headquarters in Hagasmári 3...More

Year 2017 reports

14.02.2018 - IR Releases
Íslandsbanki released its annual financial results for 2017 this morning. The Bank has now published its Annual Audited Financial Statements, Annual...More

Annual Consolidated Statements 2017

14.02.2018 - IR Releases
Profit after tax was ISK 13.2bn in 2017, compared to ISK 20.2bn in 2016. The profit in 2016 was considerably higher due to one-off income from the...More
Netspjall