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