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December 8, 2021

Aker Asset Management names former Norway wealth fund head as new chief

By Verdict Staff

Billionaire Kjell Rokke’s Aker has appointed Yngve Slyngstad as CEO and senior partner of Aker Asset Management (AAM).

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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Slyngstad, who was previously the CEO of Norges Bank Investment Management (NBIM), will assume his new role on 1 March 2022.

He will focus on building and developing active asset management, Aker’s new business area that looks to establish funds totalling €100bn ($110bn) to invest in climate solutions.

Furthermore, Slyngstad will work to develop AAM to become a central part of Aker’s portfolio, in line with its industrial companies and businesses.

Aker CEO Øyvind Eriksen and Aker Horizons CEO Kristian Røkke said in a joint statement: “Aker and Aker Horizons have worked together to develop opportunities within active asset management and have made great strides in a short period of time. To succeed, a skilled leader is needed.

“Yngve Slyngstad is a leading expert in active asset management, with an impressive track record. We are pleased that Yngve has agreed to take the helm of the new business area in its entirety, and we are inspired by his ambitions.”

Slyngstad, who joined NBIM in 1998, managed the Government Pension Fund Global, from 1 January 2008 until he resigned on 1 September 2020.

Commenting on his appointment, Slyngstad said: “Through its companies, Aker represents Norway’s largest and most significant industrial knowledge environment. I look forward to leading the work of building and developing AAM to become a global organisation that delivers investment strategies based on deep industrial insight.”

AAM is structured as an independent company with Aker owning the controlling stake and key leaders as co-owners.

Slyngstad will own 5% of the unit, which will invest in companies through private equity firm OrbeNovo, venture capital companies Clara Venture Labs and Axis, and startup investor RunwayFBU.

He further added: “The goal is to establish funds totalling €100bn that will invest in profitable climate solutions that create value. Green energy, green industry and green cities will be our prioritised investment areas.”

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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