Stockholm (HedgeNordic) – QQM Fund Management, an alternative investment fund manager majority-owned by Swedish fintech company Nowonomics, has received permission from Finansinspektionen to conduct fund operations according to the Act (2004:46) on mutual funds. This permission enables QQM Fund Management to take over the management of the Nowo Fund, so far the only fund available on the fintech’s money savings app NOWO. Tellus Fonder has previously been mandated to manage the Nowo Fund.
In June of 2021, Nowonomics announced an agreement to acquire a 72-percent stake in QQM Fund Management, the manager of equities-focused market-neutral hedge fund QQM Equity Hedge. As part of the acquisition, QQM Equity Hedge was set to become available on the fintech’s money savings app alongside the Nowo Fund, a mixed fund managed by Tellus Fonder. The Nowo Fund, now called Nowo Global Fund, will be managed by QQM starting on April 1 this year. The portfolio management team at QQM plans to run the Nowo Fund employing a systematic long-only equity strategy inspired from QQM Equity Hedge’s market-neutral strategy with a focus on diversification.
“Having the opportunity to manage both AIF and ordinary funds opens up great opportunities.”
“It is incredibly important to us that FI has now granted QQM permission to conduct fund operations. Having the opportunity to manage both AIF and ordinary funds opens up great opportunities,” comments Rutger Selin, the CEO of Nowonomics. This permission implies not only cost savings associated with the management of the Nowo Fund but also new “possibilities of creating a complete overall solution in our investment offer,” according to Selin. “We have the Nowo Global Fund and QQM already manages the award-winning, market-neutral fund QQM Equity Hedge. These two strategies complement each other well, but we also plan to be able to offer even more investment opportunities for our members – something we know is long-awaited.”
“We now look forward to taking over the management of Nowo Global Fund and also the work of developing new, modern savings products.”
“This is a day of joy for QQM and Nowo,” comments Ola Björkmo, the CEO of QQM Fund Management and the owner of the remaining stake of 28 percent in QQM. “We are now offered further opportunities to complement our joint offer,” he adds. “We now look forward to taking over the management of Nowo Global Fund and also the work of developing new, modern savings products.”