Stockholm (NordSIP) – In the beginning of December, Aker ASA announced the appointment of Yngve Slyngstad as CEO and senior partner of Aker Asset Management (AAM). Slyngstad, who was CEO of Norges Bank Investment Management (NBIM) from 2008 to the end of 2019, will be responsible for building and developing active asset management to become a new business area in Aker, focusing on energy transition investments. Active asset management was launched as a new business area at the start of November. Slyngstad will assume the position on March 1s, 2022.
Aker ASA is a Norwegian industrial investment company with interests in oil and gas, renewable energy and green technologies, maritime assets, marine biotechnology, and industrial software. Slyngstad will be responsible for building and developing active asset management to become a new business area in Aker, on par with the company’s industrial holdings
“In the years to come, good returns for investors will primarily be generated by bringing financial capital closer to industrial expertise. The ability to deliver high, long-term returns through asset management is strengthened by having an industrial knowledge base. 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 organization that delivers investment strategies based on deep industrial insight,” Slyngstad said.
“We are facing an energy transition that presents enormous investment opportunities. Realizing big projects that can accelerate the transition to a net-zero society requires that leading industrial companies and major global investors come together. This is why AAM is ideally positioned to make a difference. The goal is to establish funds totalling 100 billion euros that will invest in profitable climate solutions that create value. Green energy, green industry and green cities will be our prioritized investment areas,” Slyngstad added.
Setting Up Aker Asset Management
AAM will focus on infrastructure and the energy transition funds and invest in companies through Private Equity (OrbeNovo), Venture Capital (Clara Venture Labs and Axis) and fund start-ups (RunwayFBU). AAM will be structured as an independent company with Aker as the majority owner. Slyngstad will own 5% of the shares in AAM. The board of AAM will consist of Øyvind Eriksen (chairman), Kristian Røkke and independent members with a background in international asset management. AAM’s management will be based at Fornebu.
Aker’s portfolio company Aker Horizons is a growth platform for technology and knowledge-based enterprises with a positive environmental impact.
“We are experiencing a great deal of interest from institutional investors who wish to join us in financing green projects. Aker Horizons is uniquely positioned to create attractive investment opportunities based on our technology and our access to a steady stream of new projects. With Slyngstad as CEO of AAM, we raise our ambition levels within active asset management in general and the energy transition in particular. We look forward to working closely with AAM,” said Aker Horizons CEO Kristian Røkke.
“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,” Aker CEO Øyvind Eriksen and Røkke said in a joint statement.
Slyngstad’s Role
Slyngstad’s will be responsible for developing AAM to become a central part of Aker’s portfolio. He joined Norges Bank Investment Management (NBIM) at its inception in 1998, as Head of Equities. During his decade at the helm, the fund increased from approximately NOK2 trillion to over NOK10 trillion and became the largest single shareholder in the world’s stock markets.
“Under Slyngstad’s leadership, NBIM has developed world-leading expertise within asset management. Aker is in reality an active asset manager with an industrial base. Our network provides us with access to many interesting opportunities. Access to expertise and capital enables us to seize opportunities rapidly and realize major projects. AAM will mobilize private capital to invest in businesses and projects both within and beyond the Aker sphere. This will lay the foundation for continued long-term adaptation and value creation,” said Eriksen.
AAM’s hopes to set up offices in financial centers in Asia, Europe and the US. Once Slyngstad assumes his role, AAM will initiate an international recruitment campaign to fill the company’s key positions. In addition, processes are underway to build partnerships and investment teams with cutting-edge expertise within each asset management area.
