Under its new parent company, which manages €60bn for clients in Norway and Sweden, Skagen will continue to operate as a separate company and independent fund manager.
The group has said there will be no change to its investment philosophy and process.
Since starting up in 1993, the Stavanger-based firm has become one of the largest fund groups in Norway, with €8.5bn in assets under management.
However in recent years some of its funds have lagged their respective benchmarks, including its mega £2.5bn global fund, which was fourth quartile over three and five years, according to data from FE. Within the last six months, the global fund has found its footing, achieving a second quartile ranking.
Øyvind Schanke, who stepped into the role of CEO last year, commented that “the transaction will deliver real synergies and maximise the long-term potential” of the group.
“We believe this will enable us to deliver an even better proposition and service to our clients. By combining the two companies’ complementary areas of expertise and with Storebrand’s strong market position and balance sheet, we will have greater ability to invest and innovate.
“As ever our priority remains the delivery of strong investment performance and the highest level of client service.”
Storebrand CEO Odd Arild Grefstad, who will chair Skagen’s independent board, agreed that the acquisition was “an important building block in pursuing our domestic and international growth strategy”.
“We look forward to benefiting from Skagen’s significant expertise in active management, direct client service and experience with international distribution.”