“This is a unique opportunity for ambitious asset managers. The fund will build on the expertise we have accumulated over several decades. Now, the work begins to recruit a new team that will become part of our organization and help elevate us as an asset manager,” says Houg, CEO of Folketrygdfondet.
It is estimated that the new team will consist of five employees from the start.
Exciting opportunity in an attractive city
The team will manage the new fund, which will invest in shares of smaller publicly listed companies in the Nordic region.
“Our goal is clear: to achieve the highest possible returns over time. This goal will be carried with us to Tromsø,” says Houg.
The fact that the fund is based in Tromsø could be an attractive bonus for potential candidates.
“Tromsø is an appealing city with strong academic and industry environments, particularly in seafood and technology at the university. Plus, you get stunning surroundings as part of the package,” he adds.
This is the State Fund in Tromsø
The new fund will invest based on a market-weighted index of smaller publicly listed Nordic companies. Just under half of the reference index will consist of Swedish companies, followed by Danish (22 percent), Finnish (13 percent), Norwegian (9 percent), and Icelandic (6 percent) companies.
“The investment universe contains many exciting companies with high value creation potential, as history shows. The new unit will develop specialized expertise that few other managers in the Nordic market possess,” Houg believes.
The proposed reference index will consist of 344 Nordic companies with a combined market value of NOK 1,506 billion, adjusted for free float. The three largest sectors will be industry (27 percent), healthcare (25 percent), and finance (21 percent).
Want to help strengthen the financial sector in Tromsø? Read more and apply here.