02. September 2019

Gamma, Jupiter and the asset management activites of Kvika are merging

The Board of Directors of Kvika has decided to merge all the asset and fund management activities of the group. In addition to Kvika’s asset management, the bank owns the management companies GAMMA Capital Management hf. and Jupiter Capital Management hf. Following the merger, the merged Kvika subsidiary will become the biggest asset and fund management company in Iceland.

GAMMA is merging with Jupiter, in addition to which all the asset and fund management activities within Kvika will be transferred over to the merged company. The merged company will comprise 45 employees and total assets under management will amount to ISK 440 billion. These changes are subject to the approval of the relevant supervisory authorities.

Valdimar Ármann, the CEO of GAMMA, has requested to step down, but will continue to operate during the merging of the companies. Hannes Frímann Hrólfsson, who has been the managing director of Kvika’s asset management division, will become the managing director of the merged company and immediately step in as the managing director of Jupiter. 

Hannes Frímann has a vast track record in the financial sector, stretching back over 20 years. He took over as managing director of Kvika’s asset management division in 2017, following Kvika’s acquisition of Virðing hf. where he occupied the post of CEO. Virðing and Auður Capital merged in 2014 and Hannes Frímann had previously been the CEO of Auður Capital. He was both the managing director and one of the founders of Tindar Securities, in addition to which he worked for Arion banki and Kaupthing as, among other things, deputy managing director of Treasury and Capital Markets. Hannes Frímann graduated with a cand. oecon. degree from the Business School of the University of Iceland.

Ragnar Páll Dyer will start work today as the Managing Director of the Finance and Operations division of Kvika. Ragnar has been working with Jupiter since 2010 and was the Managing Director of Jupiter since 2013. Ragnar has completed the Stanford Executive Program, holds a BSc. degree in operational engineering from the University of Reykjavík and is a licensed securities broker.

The asset and fund management activities of Kvika have expanded considerably over the past years, both through external and organic growth. The environment of financial undertakings is evolving and I believe the importance of asset and fund management needs to increase even further. Asset and fund management is one of the main pillars of the bank’s operations and I believe that these changes will further boost the growth of our activities. I particularly want to thank Valdimar, the CEO of GAMMA, for his work, successfully leading the company through great changes - says Marinó Örn Tryggvason, CEO of Kvika.