Stefnir Asset Management Company is a well-established Icelandic fund manager with assets of approximately ISK 230 billion under active management at the end of 2020. 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.
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.
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.
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 18th of March 2021 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
- Gudfinna Helgadottir, Director
- 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 Johann Georg Möller.
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:
- Gudfinna Helgadottir
- Jon Ottar Birgisson
- Sigrun Ragna Olafsdottir
The majority of the committee members are independent of Arion Bank hf., Stefnir's parent company.
|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||Equities and balanced funds||dyri.kristjansson(at)stefnir.is|
|Eiríkur Ársælsson||Analyst||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|
|Jóhann Georg Möller
|Kristbjörg M Kristinsdóttir||Chief Financial Officer||Administration||kristbjorg.kristinsdottir(at)stefnir.is|
|Magnús Örn Guðmundsson||Head of Balanced Funds||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|
|Theodór Sölvi Blöndal
||Equities and balanced funds
|Trausti V. Gunnlaugsson
|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||Analyst||Equities and balanced funds||thorsteinn.haraldsson(at)stefnir.is