SpareBank 1 SMN

SpareBank 1 Markets moves into asset management

Asset management will be established as a new business unit in SpareBank 1 Markets. The new unit will be based on existing specialist environments in Trondheim and Tromsø.

SpareBank 1 Markets acquires Allegro Kapitalforvaltning in Trondheim and SpareBank 1 Nord-Norge Forvaltning in Tromsø from SpareBank 1 SMN and SpareBank 1 Nord-Norge respectively. The acquired companies will be merged and will spearhead SpareBank 1 Markets' asset management business. The new business unit will have combined AUM of approximately 10 NOK billion.

- Asset management is a new and existing business area for us, and will supplement SpareBank 1 Markets' product palette. I am convinced this will further strengthen the specialist environments in Trondheim and Tromsø, which is where the specialist competence within asset management exists, says CEO of SpareBank 1 Markets Stein Husby.

The merged asset management company will apply for a fund management license to further develop products and services for our customers. The acquired companies have discretionary investment management licences in place.

- In addition to this new business unit, SpareBank 1 Market has announced the signing of several experienced professionals from Swedbank Norge. These strategic measures combined strengthens our position in capital markets space significantly, says Mr. Husby.

SpareBank 1 SMN is the largest shareholder in SpareBank 1 Markets, holding 74 % of the shares.

Oslo, 27 February 2017

Contact details:
Stein Husby, CEO SpareBank 1 Markets, tel [phone]
Kjell Fordal, CFO SpareBank 1 SMN, tel [phone]
Hans Tronstad, Director of communications SpareBank 1 SMN, tel [phone]

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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Source: SpareBank 1 SMN via Globenewswire