OSLO, Norway, Dec. 7, 2021 /PRNewswire/ -- Aker ASA ("Aker")
has appointed Yngve Slyngstad as CEO
and senior partner of Aker Asset Management ("AAM"). Slyngstad will
be responsible for building and developing active asset management
to become a new business area in Aker, on par with the company's
industrial holdings.
"Aker and Aker Horizons have worked together to develop
opportunities within active asset management and have made great
strides in a short period of time. To succeed, a skilled leader is
needed. Yngve Slyngstad is a leading
expert in active asset management, with an impressive track record.
We are pleased that Yngve has agreed to take the helm of the new
business area in its entirety, and we are inspired by his
ambitions," Aker CEO Øyvind Eriksen and Aker Horizons CEO
Kristian Røkke said in a joint
statement.
Active asset management was launched as a new business area in
Aker's third quarter report on 5 November. Yngve Slyngstad's mandate will be to develop AAM
to become a central part of Aker's portfolio, with clearly defined
relations to Aker's industrial companies and businesses. Slyngstad
will assume the position on 1 March
2022. He has worked for Norges Bank Investment Management
(NBIM) since its inception in 1998, where he was responsible for
building up NBIM's equity management activities. Slyngstad was CEO
of NBIM and responsible for the Government Pension Fund Global,
from 1 January 2008 until he resigned
on 1 September 2020. During this
period, the fund increased from approximately NOK 2,000 billion to over NOK 10,000 billion and became the largest single
shareholder in the world's stock markets.
"In the years to come, good returns for investors will primarily
be generated by bringing financial capital closer to industrial
expertise. The ability to deliver high, long-term returns through
asset management is strengthened by having an industrial knowledge
base. Through its companies, Aker represents Norway's largest and most significant
industrial knowledge environment. I look forward to leading the
work of building and developing AAM to become a global organization
that delivers investment strategies based on deep industrial
insight," said Yngve Slyngstad,
adding:
"We are facing an energy transition that presents enormous
investment opportunities. Realizing big projects that can
accelerate the transition to a net-zero society requires that
leading industrial companies and major global investors come
together. This is why AAM is ideally positioned to make a
difference. The goal is to establish funds totalling 100 billion euros that will invest in profitable
climate solutions that create value. Green energy, green industry
and green cities will be our prioritized investment areas."
Aker has been a driving force in the development of
knowledge-based industry for 180 years, including the energy
sector, where Norway is a world
leader in several areas.
"Under Slyngstad's leadership, NBIM has developed world-leading
expertise within asset management. Aker is in reality an active
asset manager with an industrial base. Our network provides us with
access to many interesting opportunities. Access to expertise and
capital enables us to seize opportunities rapidly and realize major
projects. AAM will mobilize private capital to invest in businesses
and projects both within and beyond the Aker sphere. This will lay
the foundation for continued long-term adaptation and value
creation," said Øyvind Eriksen.
Aker's portfolio company Aker Horizons is a growth platform for
technology and knowledge-based enterprises with a positive
environmental impact.
"We are experiencing a great deal of interest from institutional
investors who wish to join us in financing green projects. Aker
Horizons is uniquely positioned to create attractive investment
opportunities based on our technology and our access to a steady
stream of new projects. With Slyngstad as CEO of AAM, we raise our
ambition levels within active asset management in general and the
energy transition in particular. We look forward to working closely
with AAM," said Kristian Røkke.
AAM's remit will include funds dedicated to infrastructure and
the energy transition. In addition, AAM will notably invest in
companies through Private Equity (OrbeNovo), Venture Capital
(Clara Venture Labs and Axis) and
fund start-ups (RunwayFBU). AAM will be structured as an
independent company with Aker as the majority owner and key people
as co-owners. Slyngstad will own 5 percent of the shares in AAM.
The board of AAM will consist of Øyvind Eriksen (chairman),
Kristian Røkke and independent members with a background in
international asset management.
AAM's management will be based at Fornebu, with the aim of
establishing offices in financial centers in Asia, Europe
and the U.S. Once Slyngstad assumes his role, AAM will initiate an
international recruitment campaign to fill the company's key
positions. In addition, processes are underway to build
partnerships and investment teams with cutting-edge expertise
within each asset management area.
For more information, please contact:
Investors:
Joachim Bjørni, Head of Investor Relations, Aker ASA
Tel: +47 924 22 106
E-mail: joachim.bjorni@akerasa.com
Media:
Atle Kigen, Head of Media Relations
and Public Affairs, Aker ASA
Tel: +47 907 84 878
Email: atle.kigen@akerasa.com
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