You assumed the role of Head of International Distribution at the end of last year. Can you tell us about your new mission?
At the end of 2023, Storebrand decided to bring together its resources to relaunch its international effort in a more structured and focused manner. In my new role, I will try to set a common international strategy and then coordinate and empower my colleagues, so that they can succeed in their respective markets and segments. We will continue to focus on Europe, specifically the UK, Benelux countries, France, and Iceland. It’s a journey I really look forward to embarking on together with my new team.
You operate in many exciting markets. Can you tell us about your team, how you work together, and how you divide the different countries among yourselves?
The entire international team primarily works with conventional investment strategies offered by Storebrand and SKAGEN.
We are lucky to have eleven nationalities represented in our team and we can speak several key languages, which are relevant for the markets we operate in. Although the prementioned markets might seem like a lot, we are in fact quite focused, and have a very competent team that has extensive experience.
We are currently working on a strategy to see how we best work as a team across the European markets so that we can continue to be sustainability pioneers, relevant discussion partners and provider of quality solutions across the various asset classes and boutiques.
In the UK we will continue to focus on conventional Storebrand & Skagen strategies. But the hope is that eventually our team there can offer a larger spectrum of solutions as we grow.
Looking back, you have worked at Storebrand Asset Management since 2017. What did you do before that, and what fascinates you most about your work in finance?
I started working in asset management in 2000, and except for four years in private banking, I have devoted my professional life to this industry.
I find working with clients and investments fascinating. My interest in investments started early with several family members working on Wall Street. I loved our family dinners when markets, commodities, geopolitics and events were lively discussed. It gave me a unique insight at an early age.
Since my work evolves around clients requirements, I get a thrill every time team effort and collaboration across an organization leads to a new client account. I am dedicated to good client experiences and top client service as we are competing internationally against the best asset managers. When we succeed, it is validation that our organization is moving in the right direction.
Now you step into a new year with an entirely new role. What are the most prioritized activities for you and your team to reach out in Europe?
For the team, it is important to continue with the great work they have carried out in previous years in markets like the UK, Iceland, Belgium and the Netherlands, but we need to coordinate more and help eachother out. This especially applies to clients or platforms that are cross boarder. We are fortunate to have many experts in the team, so now it's about seeing how we can learn from each other.
For me personally, it will be important to support all colleagues, either with contacts and ideas or with access to resources and people internally that will unlock their potential. I will also continue to service directly our Storebrand clients in Iceland.
What do you think are your main strengths in meeting the demand from international investors?
With Storebrand's multi-boutique, we have a breadth in our investment solutions that can attract many different clients and meet their various investment needs.
We are lucky to have professionals with diverse backgrounds and vast experience. To put this into perspective our team represents 10 different nationalities and has on average over 10 years investment experience. As several members of the team are from (or have lived in) the countries they focus on, they are both experts in local culture and language but also experts in the local investment landscape and requirements.
One common trait across the team is the passion for investments and sustainability. For us sustainability doesn’t just mean ESG but also putting the client in focus and thinking of sustainable returns. We take great pride from finding the right solutions for our clients.
Is there any market that stands out with a particular need or demand? Or do investors in the countries you operate in have somewhat similar requirements and wishes regarding products and asset classes?
All countries and clients have different requirements, often as a result of local regulations and requirements.
For example in the Benelux we need to have the right type of mutual funds, referred to as SICAVs as local tax requirements make it difficult to pick Norwegian or Swedish Funds. And the Netherlands have come furthest when it comes to integrating Sustainability into their investment strategy.
Iceland is a market that is showing the most progress in recent years when it comes to restructuring their portfolios, use of external managers and the increasing use of Sustainability.
And in the UK institutional investors are very dependent on Consultant recommendations. Although consultants are becoming increasingly important elsewhere as well, we have not seen the same level of use as in the UK. Here clients are used to using Irish funds, amongst which CCFs (which Storebrand has also launched).
Finally, France is a market that has a tradition for using external managers and an interest in alternatives. It will be interesting to follow our success there.
But one common trend across all markets is the increasing interest in sustainability.
What challenges are there today to accelerate the movement of capital to investments with a sustainability focus? Is there still resistance in 2024, and what do these investors need more of to be convinced?
As asset managers, it is important to continue to be at the forefront of sustainability-focused investment solutions that meet investors' needs. We must also ensure that we are present in the right forums, that we drive sustainability issues, and put pressure on companies that are not willing to change so that they do change. In addition, we need to improve the work with reporting on exclusions, active dialogues, and ESG characteristics for our portfolios.
What investors demand is constantly changing. Active ownership has become increasingly important in European markets in recent years.
How do European investors view a Nordic player? Is there a distinct interest in investing in the Nordic countries? You talk about being a “gateway to the Nordics” – what does that mean?
European investors have always viewed the Nordics as a safe part of the world, with professional actors and top notch sustainability. It is a great starting point for establishing trust. Moreover, our economies are strong, offering security and interesting investment opportunities that European investors are keen to participate in, whether it is equities, fixed income or alternatives.
Acting as a gateway to great Nordic based or Nordic managed solutions is a great position to be in.
Finally, what are you most looking forward to in 2024 for you and your team?
I love building businesses and I am motivated by helping people grow and succeed. I hope that 2024 will be a year when we can set a strategy and work even more efficitently toghether as a team, aiming to help Storebrand and SKAGEN continue to grow internationally.
