Stefnir hf. is Iceland’s largest fund management company with assets of about ISK 330 billion under active management. 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 investment funds. 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 five 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 company 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. 128/2011. 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 annual meeting of Stefnir hf. on the 23rd of February 2017 the following people were elected on to the main board of directors and alternate board of directors.

Board of Directors

  • Hrund Rudolfsdottir, Chairman, CEO of Veritas hf.
  • Jokull H. Ulfsson, Head of HR at Arion Bank hf.
  • Kristjan Johannsson, Vice Chairman, Chairman of Icepharma hf.
  • Ragnhildur Sophusdottir, attorney at law at Arion Bank hf.
  • Thordur Sverrisson, self-employed


  • Asgerdur Hronn Sveinsdottir, Department Manager at Arion Bank hf.
  • Thorhallur Orn Gudlaugsson, Lecturer in the Faculty of business Administration at the University of Iceland

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

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:

  • Kristjan Johannsson, Chairman of Icepharma hf.
  • Thordur Sverrisson, self-employed

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

Remuneration Committee

The Board of Directors has appointed an Remuneration Committee. 

The members of the committee are:

  • Hrund Rudolfsdottir, CEO of Veritas hf.
  • Jokull H. Ulfsson, Head of HR at Arion Bank hf.
  • Thordur Sverrisson, self-employed

The committee members are independent of Stefnir hf. and 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
 Dýri Kristjánsson  Fund Manager  Balanced Funds  dyri.kristjansson(at)stefnir.is
 Flóki Halldórsson  Managing Director  Administration  floki.halldorsson(at)stefnir.is
 Friðjón Gunnlaugsson  Analyst  Fixed Income  fridjon.gunnlaugsson(at)stefnir.is
 Harald Gunnar Halldórsson  Attorney at law  Administration  harald.halldorsson(at)stefnir.is
 Harpa Rut Sigurjónsdóttir  Fund Manager  Fixed Income  harpa.sigurjonsdottir(at)stefnir.is
 Heiðar Ingi Ólafsson  Fund Manager  Alternative Investments  heidar.olafsson(at)stefnir.is
 Helgi Magnússon  Analyst  Equities  helgi.magnusson(at)stefnir.is
 Jóhann Georg Möller  Head of Equities  Equities  johann.moller(at)stefnir.is
 Kristbjörg M Kristinsdóttir  Director of Management and Finance  Administration  kristbjorg.kristinsdottir(at)stefnir.is
 Kristín Ágústsdóttir  Analyst       Administration  kristin.agustsdottir(at)stefnir.is
 Magnús Örn Guðmundsson  Head of Balanced Funds  Balanced Funds  magnus.gudmundsson(at)stefnir.is
 Óðinn Árnason  Fund Manager  Equities  odinn.arnason(at)stefnir.is
 Per Matts Henje  Fund Manager  Equities  per.henje(at)stefnir.is
 Sigurður Óli Hákonarson  Fund Manager     Alternative Investments  sigurdur.hakonarson(at)stefnir.is
 Sævar Ingi Haraldsson  Fund Manager  Fixed Income  saevar.haraldsson(at)stefnir.is
 Trausti Jónsson  Fund Manager  Alternative Investments  trausti.jonsson(at)stefnir.is
 Tryggvi Páll Hreinsson  Analyst      Equities  tryggvi.hreinsson(at)stefnir.is
 Þorgerður Arna Einarsdóttir  Fund Manager     Alternative Investments  thorgerdur.einarsdottir(at)stefnir.is