The new chief executive of Norwegian broking and finance group Astrup Fearnley is wasting no time in implementing one of the biggest structural changes in the firm’s 150-year history.

Marius Hermansen has said brokers will be allowed to become shareholders in the company alongside the Astrup Fearnley Foundation, which currently owns the shipbroker outright.

Hermansen, who joined on 1 July this year, said it is too early to say what ownership stake the foundation set up by the late Hans Rasmus Astrup would hold in the broking group after the sell down.

And asked whether a public listing of the broker could be possible at a later date, he told TradeWinds: “That has not been on the table.”

Focus on youth

The former John Fredriksen lieutenant, who was appointed in July, said in another recent interview that the company has been focusing on youth in what can be seen as an industry for more experienced specialists.

Hermansen told Norwegian finance publication Finansavisen: “We view us as an attractive employer, and we want to be top of people’s lists [to join].”

The Astrup Fearnley comprises shipbrokers Fearnleys and Fearnley Offshore Supply, rig broker Fearnley Offshore and investment bank Fearnley Securities.

The group generated revenues of almost NOK 1bn ($870m) last year and a profit before bonuses of NOK 311m.

Earlier in his career, Hermansen was a Fearnleys broker before joining John Fredriksen’s Seatankers operation where he spent seven years.

He believes shipping and shipbroking has a bright future. "This whole industry is a 'turnaround' case, and I mean that in a positive way," he said recently. "There is huge opportunity out there."