02. August 2017

Kvika Acquires All Share Capital in ALDA Asset Management

Kvika banki hf. has signed a contract to acquire the entire share capital of ALDA Asset Management hf. The sale was concluded subject to due diligence and regulatory consent.

ALDA operates 11 UCITS and other funds for collective investment, as well as acting as sales agent for funds from Aberdeen Asset Management and Hermes Investment Management. Total assets under management by ALDA amount to ISK 45 billion; the company has six employees with extensive experience in the field of asset management. In recent years the company has been highly successful in asset and fund management and the scope of its activities has expanded substantially.

Kvika is Iceland's only specialised investment bank, with a strong position in capital markets, asset management, corporate finance, specialised lending and private banking services. Kvika recently acquired all the share capital of Virðing hf. and plans to merge the two companies. The acquisition of Virðing hf. is also subject to regulatory consent, and is currently being examined by the Icelandic Financial Supervisory Authority (FME) and Competition Authority.

Its acquisitions of Virðing and ALDA will make Kvika a leading actor in the asset management field in Iceland, with some ISK 280 billion in assets under management.