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 extensive work experience in the financial market. Stefnir has about 25 specialists in five teams managing a diverse collection of mutual, investment and institutional alternative investment fund marketed towards the public.  


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
  • Gudmundur Johann Jonsson, Director 
  • Hrefna Ösp Sigfinnsdottir, 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
  • Sigrun Ragna Olafsdottir

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

Anna Kristjánsdóttir

Head of Private Credit | Private Credit

Baldvin Bjarki Gunnarsson

Specialist | Analysis, sales and communication

Bjarni Ármann Atlason

Specialist | Equities and balanced funds

Dýri Kristjánsson

Fund Manager | Equities and balanced funds

Eiríkur Ársælsson

Fund Manager | Alternative Investments

Elísa Karen Guðmundsdóttir

Specialist | Analysis, sales and communication

Ellen M. Hine

Specialist | Analysis, sales and communication

Helena Rut Pétursdóttir

Specialist | Analysis, sales and communication

Iðunn Hafsteinsdóttir / on study leave

Specialist | Administration

Jón Finnbogason

Managing Director | Administration

Jón Rúnar Ingimarsson

Fund Manager | Equities and balanced funds

Konráð S. Guðjónsson / on leave

Chief Economist | Administration

Kristbjörg M. Kristinsdóttir

Chief Financial Officer | Administration

Kristín Ágústsdóttir

Analyst | Administration

Magdalena Anna Torfadóttir

Specialist | Analysis, sales and communication

Magnús Örn Guðmundsson

Head of Fund Management | Equities and balanced funds

Óðinn Árnason

Fund Manager | Equities and balanced funds

Per Matts Henje

Fund Manager | Equities and balanced funds

Ragnheiður Bjarnadóttir

Specialist | Fixed Income

Róbert Vilhjálmur Ásgeirsson

Specialist | Analysis, sales and communication

Sævar Ingi Haraldsson

Fund Manager | Fixed Income

Sævarður Einarsson

Chief Risk Officer | Administration

Trausti V. Gunnlaugsson

Sales Specialist | Administration

Þorsteinn Andri Haraldsson

Fund Manager | Equities and balanced funds