01. September 2020
In recent months, work has been under way on restructuring asset and fund management operations of the group of Kvika banki hf., Reg. No. 540502-2930, Katrínartún 2, 105 Reykjavík (hereafter "Kvika" or "the bank"), as was notified in the bank's announcements, on 2 September 2019 and, on 30 September 2019.
The announcements stated that the bank's Board of Directors had agreed to merge Kvika's asset and fund management operations in a single subsidiary, i.e. the fund management company Júpíter rekstrarfélag hf., Reg. No. 520506-1010 (hereafter "Júpíter"). On 13 November 2019, Kvika and Júpíter sent a joint petition to the Financial Supervisory Authority of the Central Bank of Iceland (hereafter "FSA"), requesting permission to transfer Kvika's asset management operations to Júpíter. Furthermore, on 11 June 2020, Júpíter submitted an application to the FSA for a license to operate as manager of alternative investment funds (AIF) as provided for in Act No. 45/2020.
Today, the FSA approved the request of Kvika and Júpíter to transfer Kvika's asset management operations under the first paragraph of Art. 106 of Act No. 161/2002, on Financial Undertakings, from Kvika to Júpíter and issued Júpíter with a license to operate as manager of alternative investment funds in accordance with the provisions of Act No. 45/2020, on Alternative Investment Fund Managers. In tandem with these changes, the intention is to change the company's name from Júpíter rekstrarfélag hf. to Kvika Asset Management hf. Those employees who worked in asset management at Kvika will be transferred to Kvika Asset Management hf. together with the projects which comprised Kvika's asset management operations.
Following these changes, Kvika Asset Management hf. will be one of the largest asset and fund management companies in Iceland. Kvika Asset Management hf. will focus on providing customers with a broad range of services for investment domestically as well as in foreign markets. Emphasis will be placed on leading the way in asset and fund management with the long-term interests of customers in mind. The company will operate a selection of dematerialised bond, liquidity and equity funds that are open to the general public for investment. The company will also operate hybrid and alternative funds.
Kvika Asset Management hf. will operate under license from the FSA as a management company of UCITS, pursuant to Act No. 128/2011, and as a manager of alternative investment funds under Act No. 45/2020. The company's operating license under Act No. 161/2002, on Financial Undertakings, also covers asset management, investment advice, custody and administration of unit shares units of funds for collective investment, as well as the receipt and brokering of orders regarding financial instruments. The company's custodian is Kvika.
For further information, please contact:
Marinó Örn Tryggvason, CEO of Kvika banki hf., tel. +354 540 3200 or firstname.lastname@example.org.
Hannes Frímann Hrólfsson, Managing Director of Júpíter rekstrarfélag hf., tel. 522-0010 or email@example.com.