Stefnir Asset Management Company is a well-established Icelandic fund manager with assets over ISK 288 billion under active management at the end of 2021. Stefnir caters for both retail and professional clients with the aim of managing its clients' assets as best serves their interests. The company was founded in 1996 and its employees possess on average around 10 years’ experience in the financial market. Stefnir has about 20 specialists in four teams managing a diverse collection of mutual, investment and institutional alternative investment fund marketed towards the public. The company also manages assets of several limited partnerships that have been established around private equity investments in well known Icelandic companies.


The company has from the beginning been at the forefront of the development of new types of funds, both for retail and professional clients. In developing and managing its funds, Stefnir primarily focuses on the interests of its clients and achieves its aims through vigilance, a clear perspective and sound professional knowledge.


Stefnir believes that trust and confidentiality are key premises for a longstanding relationship with its clients. A strong emphasis is therefore placed on candid communications and transparent information. Confidential information is treated with special care, be it of commercial or personal nature.

Form of ownership

The clients of Stefnir own unit shares in funds managed by Stefnir. Those unit shares represent shares in the funds’ asset portfolios. The funds’ assets are therefore wholly owned by unit holders at any given time. According to law, the assets of Stefnir hf. and the assets of funds under management are kept separate in financial statements. The custody of the funds’ assets, along with unit share price calculations, is in the hands of a separate company, Arion Bank.


Stefnir places special emphasis on security in all its activities. To that end, the company has installed sophisticated control and risk management systems based on clear work processes, internal and external auditing, compliance and systems tailored to control investment policies. The company also carries out an annual internal risk assessment of major operational risk factors. Stefnir’s mutual and investment funds are subject to surveillance by the Icelandic Financial Supervisory Authority (FME), according to law.

Corporate governance

The board of directors of Stefnir has three members. The majority of board members is independent of Arion Bank, the Bank and related companies hold all equity in Stefnir. The board of Stefnir has resolved to practise good corporate governance and attained certification to that effect from The Centre for Corporate Governance at the University of Iceland since 2012.

Legal role

Stefnir hf. is an independent financial institution according to Act No. 161/2002 on Financial Undertakings. The company manages undertakings for collective investment in transferable securities, investment funds and professional investment funds in accordance with Act No. 116/2021. In addition to this, the company is licensed to operate asset management services, investment advisory and to manage financial instruments for collective investments, cf. Art. 27, Paragraph 1, Items 1-3 of Act No. 161/2002.

Shares issued in Stefnir total ISK 43.5 million. Proportional ownership is divided between Arion Bank hf. (99.93%) and Gen hf. (0.07%). The company’s auditor is Deloitte ehf.

Name change

The Shareholders´meeting of Rekstrarfélag Kaupþings banka hf. decided on the 24th of November 2009 to change the name of Rekstrarfélag Kaupþings banka hf. (Kaupthing Bank Asset Management Company hf.) to Stefnir hf. (Stefnir Asset Management Company hf.)

The following companies have merged with Stefnir hf. id 700996-2479 since incorporation.

  • Kaupþing – Eignastýring ehf. id. 440195-2539
  • Hávöxtunarfélagið hf. id. 611284-0479
  • Ævisjóðurinn hf. id 601097-2579
  • Verðbréfasjóður Búnaðarbankans hf. id 700996-2639
  • Vísitölusjóður BÍ hf. 670901-3270

At the EGM meeting of Stefnir hf. on the 30th of Mai 2022 the following people were elected on to the main board of directors and alternate board of directors.

Board of Directors

  • Sigrun Ragna Olafsdottir, Chairman
  • Jon Ottar Birgisson, Vice Chairman
  • Gudmundur Johann Jonsson, Director 

The majority of the board is independent of Arion Bank hf., Stefnir's parent company. The managing director of Stefnir hf. is Jon Finnbogason.

Audit- and Risk Committee

The board of directors of Stefnir hf. has appointed an audit- and risk committee which operates in accordance with Article 108 a of the Annual Accounts Act no. 3/2006 which states that units in which there is a public interest at stake should have an audit committee with at least three members.

The members of the committee are:

  • Gudmundur Johann Jonsson
  • Jon Ottar Birgisson
  • Sigrun Ragna Olafsdottir

The majority of the committee members are independent of Arion Bank hf., Stefnir's parent company.

Name Title Division E-mail
Anna Kristjánsdóttir Head of Fixed Income Fixed Income anna.kristjansdottir(at)stefnir.is
Ari Ólafsson Fund Manager Alternative Investments ari.olafsson(at)stefnir.is   
Arnar Ragnarsson Head of Alternative Investments Alternative Investments arnar.ragnarsson(at)stefnir.is
Bjarni Ármann Atlason Specialist Equities and balanced funds bjarni.atlason(at)stefnir.is
Dýri Kristjánsson Fund Manager  Equities and balanced funds dyri.kristjansson(at)stefnir.is
Eiríkur Ársælsson Fund Manager  Alternative Investments eirikur.arsaelsson(at)stefnir.is
Heiðar Ingi Ólafsson
Fund Manager Alternative Investments
Iðunn Hafsteinsdóttir Specialist Equities and balanced funds idunn.hafsteinsdottir(at)stefnir.is
Jón Finnbogason
Managing Director
Administration jon.finnbogason(at)stefnir.is
Jón Rúnar Ingimarsson Fund Manager Equities and balanced funds jon.ingimarsson(at)stefnir.is
Konráð S. Guðjónsson / on leave Chief Economist Administration konrad.gudjonsson(at)stefnir.is
Kristbjörg M Kristinsdóttir Chief Financial Officer Administration kristbjorg.kristinsdottir(at)stefnir.is
Kristín Ágústsdóttir Analyst      Administration kristin.agustsdottir(at)stefnir.is
Magnús Örn Guðmundsson Head of Fund Management Equities and balanced funds magnus.gudmundsson(at)stefnir.is
Óðinn Árnason Fund Manager  Equities and balanced funds odinn.arnason(at)stefnir.is
Per Matts Henje Fund Manager  Equities and balanced funds per.henje(at)stefnir.is
Ragnheiður Bjarnadóttir Specialist Fixed Income ragnheidur.bjarnadottir(at)stefnir.is
Sævar Ingi Haraldsson Fund Manager Fixed Income saevar.haraldsson(at)stefnir.is
Sævarður Einarsson  Chief Risk Officer      Administration  saevardur.einarsson(at)stefnir.is      
Trausti V. Gunnlaugsson
Specialist Sales
Tryggvi Páll Hreinsson Fund Manager  Equities and balanced funds tryggvi.hreinsson(at)stefnir.is
Þorgerður Arna Einarsdóttir Fund Manager    Alternative Investments thorgerdur.einarsdottir(at)stefnir.is 
Þorsteinn Andri Haraldsson Fund Manager  Equities and balanced funds thorsteinn.haraldsson(at)stefnir.is

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