Norwegian shipping investor Joakim Hannisdahl has recruited a ship financier from Nordic lender Nordea as he prepares to launch his new fund.
Fredrik Flem will work on portfolio management for start-up Gersemi Asset Management (GAM) in Oslo.
He comes from the role of relationship manager in the Nordea shipping finance team, where he has spent nearly two years.
He was responsible for financial modelling, participating in structuring and executing large complex transactions within the maritime sector.
Before that, Flem had spend a year in financial services at Siemens.
He has a masters degree in shipping, trade and finance from the Cass Business School.
Hannisdahl resigned from Cleaves Asset Management in October, citing irreconcilable differences with Cleaves Securities management.
The investment bank obtained an injunction to stop him marketing his new venture to former clients until 31 December, but this was overturned.
The investor said GAM is now close to being launched.
“We expect the Central Bank of Ireland to approve the new fund towards the end of this week. We will thereafter be able to send out the prospectus, supplement and investor presentation,” Hannisdahl added.
An investor webinar will be held on 21 June.
First cash in this month
“I believe the current backdrop is close to perfect in terms of re-launching the shipping fund. We are still on schedule… with first money in towards the end of June,” Hannisdahl said in an earlier update.
His private shipping portfolio stands up 5% so far this year and 428% since inception.
The investor shorted BW LPG and Dorian LPG stock this week, in a play on VLGC spot rates which “fell off a cliff”, he said.
Despite some fixing at the end of the week, average earnings fell back 14% week-on-week to $87,000 per day, Cleaves Securities said.
Forward freight agreements are also down sharply for July, with arbitrage opportunities limited.
