The acquisition is a part of bank’s commercial strategy in developing its activities within the field of asset management, and to become a Nordic powerhouse within asset management.
Denmark’s Saxo Bank, an investment bank, has purchased the entire share capital of Copenhagen-based Capital Four Management Fondsmæglerselskab A/S, and 51% of the share capital of Global Evolution Fondsmæglerselskab A/S.
The bank intends to enhance its distribution power and long-term positions as leading suppliers of asset management products in each of their niche areas. The expertise of Capital Four lies within European corporate bonds, with a focus on the High Yield market, while Global Evolution primarily operates within emerging market fixed income and FX. The acquisitions mean that portfolios (AUM) worth around DKK 14 billion are managed by Saxo Asset Management.
Saxo Bank expects to exercise its ownership in such a way that the two teams can retain their own character and autonomy in the investment process. Moreover, the four partners of the Capital Four and two founders of Global Evolution will continue with Saxo bank.
Bjarne Thorup, Director of Asset Management activities at Saxo Bank, said: “We regard Capital Four and Global Evolution as among the leading European asset managers in their own sectors. The companies are therefore eminently suited to our strategic purposes in asset management. Asset management is a question of trust, and it must create value for clients. This is totally in line with Saxo Bank’s online profile.”
“Both companies have a core of key employees who have worked together as a team, over a long period of time and by doing so have developed a unique investment process with a fairly robust return on its investments as a result. This has led to both companies enjoying great recognition among institutional investors in Europe,” he added.
Sandro Naf, CEO of Capital Four, said: “In times of heightened customer awareness of financial stability, we are particularly happy to have found a sponsor with deep resources and solid recognition. This transaction will allow us to continue to offer our services in a seamless fashion and will strengthen our organisation going forward.”
Soren Rump, CEO of Global Evolution, said: “The company’s goal is to be a Nordic power house within asset management, and we are pleased to play an active part in the achievement of this ambition. Saxo Bank’s international profile and very high level of ambition is something that is really attractive for us. In distribution terms, we anticipate gaining much from Saxo Bank’s commercial platform and the bank’s wealth of offices around Europe, Asia and the Mid East.”