"I am both proud and pleased to introduce our very first hires in Tromsø. We have had a strong field of applicants from both Norway and abroad, and significant interest in the fund. Ulf, Tonje, and Ola have successfully made it through a highly competitive selection process," says Kjetil Houg, CEO of Folketrygdfondet.
From London to Tromsø
Ulf Nore from Bergen brings twelve years of experience from the financial sector in London. He joins from IQON Capital and has previously worked at QuadReal Property Group, Aegila Capital, and Norges Bank Investment Management. Nore holds a degree in business administration from the Norwegian School of Economics (NHH), an engineering degree from the Norwegian University of Science and Technology (NTNU), and an MBA from INSEAD.
"The combination of joining Folketrygdfondet and helping establish a new fund from the ground up is something I am very excited about. Moving back to Norway and settling in Tromsø is also a great opportunity," says Nore.
Local Expertise
Tonje Roti from Tromsø brings eight years of experience from PwC and Nord Kapitalforvaltning in her hometown. She joins from her role as Senior Manager in PwC's Deals team and holds a business administration degree from NHH.
"This was a unique opportunity I simply couldn’t pass up. Naturally, I know Tromsø very well and am really looking forward to becoming part of Folketrygdfondet. For me, the move will be a short one, as the fund's new office is in the same building as PwC," says Roti.
Internal Talent
Ola Oppegaard from Oslo has spent the past three years at Folketrygdfondet, progressing from trainee to junior analyst and now analyst. He holds a business administration degree from BI Norwegian Business School.
"I really enjoy working at Folketrygdfondet, and I am looking forward to being part of setting up a new fund. Moving to Tromsø will also be an exciting experience, as I have a very positive impression of the city," says Oppegaard.
All three will start as portfolio managers on April 15, 2025, based at the new office in Muségata 1, located in the Mack quarter in Tromsø.
"Our portfolio managers have presented exciting ideas on how we can fulfill the mandate and achieve the highest possible returns. We will continue recruiting for the Tromsø team and hope to make our first investment soon," concludes Kjetil Houg.
About Statens fond i Tromsø
- A new team is being recruited in Tromsø to invest in smaller publicly listed companies in the Nordic region.
- Initial investment framework of NOK 15 billion, with the potential to increase to NOK 30 billion as experience is gained.
- Reference index: A market-weighted Nordic index for smaller publicly listed companies, with a total market value of approximately NOK 1,500 billion, adjusted for free float and excluding companies already in the reference index of SPN.
- Swedish companies make up around half of the investment universe, followed by Danish (22%), Finnish (13%), Norwegian (9%), and Icelandic (6%) companies.
- The three largest sectors will be industrials (27%), healthcare (25%), and financials (21%).