Operations

Stefnir Asset Management Company is a well-established Icelandic fund manager with assets over ISK 260 billion under active management at the end of 2022. 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.  

Development

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.

Trust

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.

Security

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.

Trade associations

Stefnir hf. has been a member of Samtök fjármálafyrirtækja (SFF or Finance Iceland) since 2013. Membership of SFF includes participating in general advocacy for the Icelandic finance industry as well as direct membership of Samtök Atvinnulífsins (SA or Confederation of Icelandic Employers).

Finance Iceland is the umbrella organization for financial companies in Iceland. See further on www.sff.is

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 AGM meeting of Stefnir hf. on the 11th of March 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
  • Hrefna Ösp Sigfinnsdottir
  • Sigrun Ragna Olafsdottir

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

The company’s auditor is Deloitte ehf.

Remuneration Committee

The board of directors of Stefnir hf. has appointed an remuneration committee which operates in accordance with Article 17 c of the Act no. 116/2021 on Undertakings for Collective Investment in Transferable Securities (UCITS) and Article 21 c of the Act no. 45/2020 on Alternative Investment Fund Manager which states that units in which there is a public interest at stake should have a remuneration committee with at least three members.

The members of the committee are:

  • Gudmundur Johann Jonsson
  • Hrefna Ösp Sigfinnsdóttir
  • 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 | Listed and unlisted
anna.kristjansdottir@stefnir.is

Ágústi Ingi Bragason

Specialist | Analysis, sales and communication
agust.i.bragason@stefnir.is

Baldvin Bjarki Gunnarsson

Part time job | Analysis, sales and communication
baldvin.gunnarsson@stefnir.is

Bjarni Ármann Atlason

Specialist | Equities and balanced funds
bjarni.atlason@stefnir.is

Dýri Kristjánsson

Fund Manager | Equities and balanced funds
dyri.kristjansson@stefnir.is

Eiður Gauti Sæbjörnsson

Specialist | Analysis, sales and communication
eidur.saebjornsson@stefnir.is

Eiríkur Ársælsson

Fund Manager | Alternative Investments
eirikur.arsaelsson@stefnir.is

Ellen M. Hine

Specialist | Analysis, sales and communication
ellen.hine@stefnir.is

Elvar Ingi Möller

Fund Manager | Equities and balanced funds
elvar.moller@stefnir.is

Fríða Einarsdóttir

Fund Manager | Listed and unlisted fixed income
frida.einars@stefnir.is

Harpa Hjartardóttir

Specialist | Analysis, sales and communication
harpa.hjartardottir@stefnir.is

Iðunn Hafsteinsdóttir

Sustainability specialist | Administration
idunn.hafsteinsdottir@stefnir.is

Jón Eggert Hallsson

Fund Manager | Listed and unlisted fixed income
jon.hallsson@stefnir.is

Jón Finnbogason

Managing Director | Administration
jon.finnbogason@stefnir.is

Kristbjörg M. Kristinsdóttir

Chief Financial Officer | Administration
kristbjorg.kristinsdottir@stefnir.is

Magnús Örn Guðmundsson

Head of Equities and balanced funds
magnus.gudmundsson@stefnir.is

Ólöf Pétursdóttir

Fund Manager | Alternative Investments
olof.petursdottir@stefnir.is

Páll Ólafsson

Head of Alternative Investments
pall.olafsson@stefnir.is

Per Matts Henje

Fund Manager | Equities and balanced funds
per.henje@stefnir.is

Ragnheiður Bjarnadóttir

Fund Manager | Listed and unlisted fixed income
ragnheidur.bjarnadottir@stefnir.is

Róbert Vilhjálmur Ásgeirsson

Specialist | Analysis, sales and communication
robert.asgeirsson@stefnir.is

Sævarður Einarsson

Chief Risk Officer | Administration
saevardur.einarsson@stefnir.is

Theodór Sölvi Blöndal

Fund Manager | Alternative Investments
theodor.blondal@stefnir.is

Þorsteinn Andri Haraldsson

Fund Manager | Equities and balanced funds
thorsteinn.haraldsson@stefnir.is