Nordic Cross AM prepares to take over management of its own funds
Nordic Cross Asset Management, part of the Caram group, which operates a multi-boutique model out of Sweden, is preparing to take over management responsibilities for its own funds following further regulatory approval.
Currently, Nordic Cross AM funds are sub-funds to the SEB Prime Solutions S.A. Sicav, according to information carried on its Swedish language website.
Optimized Portfolio Management Stockholm AB (OPM, part of the Caram group) is currently the manager of the funds, with portfolio managers employed by OPM in preparation for the management responsibilities being transferred to Nordic Cross AM in the autumn of 2017.
Nordic Cross AM has applied to become an AIF manager recognised by the Swedish Financial Supervisory Authority (Finansinspektionen), and its funds will be domiciled in Luxembourg under the Ucits IV Directive, as it seeks to offer a range of daily traded alternative strategies delivering absolute return over the cycle.
A relatively new management company, it was founded in 2016 by a number of alternative investment experts and well-known members of the Swedish asset management community, including CEO Mats Andersson, who previously was CEO of Catella Fonder (see InvestmentEurope‘s interview with him in that role: http://www.investmenteurope.net/regions/swedendenmarkfinlandnorway/a-spring-clean-for-catellas-new-ceo/ ) but whose activities in the local fund and asset management industry go back to 1982, when he started as an analyst at Gotabanken.
Nordic Cross has also attracted other Catella alumni, such as Mikael Hanell and Magnus Nilsson, both portfolio managers with expertise in alternative investments (hedge funds). Its current regulatory approval means it is able to not only offer alternative investment funds, but also discretionary management.
As part of Caram’s (Carnegie Affiliated Managers) multi-boutique structure, Nordic Cross AM is a sister company to Carnegie Fonder, C-Worldwide (previously Carnegie Asset Management), OPM and Caram Solutions.
Founded in 2016, Nordic Cross AM is 60% owned by Caram, with the remaining 40% owned by its founders. Caram in turn is majority owned by Altor Fund III, part of a family of private equity funds focused on developing medium sized Nordic companies. Institutional investors have committed some €5.8bn to the four Altor funds.