Astrup Fearnley’s asset management arm is targeting fast growth after launching two new funds.
Four portfolio managers have joined Fearnley Asset Management to support the initiative.
Astrup Fearnley chief executive Marius Hermansen told Norwegian Finansavisen: “This is a part of our strategy to grow and expand our business.
“We see great opportunities here and that Fearnley Asset Management becomes a significant player in asset management.”
Hermansen projects the fund management division passing NOK 4bn ($380m) in assets during the next year.
Initially, Fearnley Asset Management will offer two funds, targeting family offices and large institutional investors.
Fearnley Energy Alpha Fund will be a long/short equity hedge fund with a focus on shipping and energy.
It will be managed by Simon Johannesen, Ole-Jacob Storvik and Lars Tjeldflaat, who all have a background in hedge fund manager Oslo Asset Management.
The other fund is a Nordic high-yield bond fund, which will be managed by Roar Tveit. He previously managed a similar fund for Norwegian Holberg Fondene.
Hermansen told TradeWinds: “The team has extensive experience in managing equity, fixed income and credit instruments combined with the fact that we have knowledge and distribution capacity at Fearnley.”
The funds have been established in Ireland and will be open for drawings before the end of the year.
“Shipping businesses have good cash flow right now and therefore the investor interest is there. Everyone is making money,” Hermansen said.
“We see great opportunities and synergies linked to existing business and customer base.”
Meanwhile, the group continues to grow worldwide after a banner year last year.
“We are hiring across the board and are now up to around 400 employees worldwide, including Fearnleys Asset Management,” Hermansen said.
