- Advertisement -
- Advertisement -

Related

Kasper Ullegaard to Succeed Durhuus as Asgard’s CEO

Latest Report

This year’s Alternative Fixed Income report from HedgeNordic explores how institutional investors and asset managers are navigating this new reality, balancing yield and resilience amid shifting credit cycles, structural change, and evolving sources of return.

Stockholm (HedgeNordic) – Birger Durhuus (pictured) will be resigning his position as CEO of Asgard Asset Management by the end of the year. Durhuus, who had joined Asgard in 2015 from Danske Capital, where he was Head of External Solutions & Risk Management, will be succeeded by Kasper Ullegaard.

Ullegaard, who will assume his new role on November 1st, previously held senior positions with large Danish financial institutions, most recently at Danske Bank, where he is responsible for ESG Advisory – Institutional Banking. He also previously worked at Sampension, where he spent over nine years as head of fixed income. “We have known Kasper for a long time and he was an obvious choice to take the helm in this period,” Durhuus tells HedgeNordic.

The firm’s flagship fund, Asgard Fixed Income Fund, is down by 16 percent year-to-date through the end of August, quadrupling the previous largest annual loss from 2008. “I am aware I am leaving the company just when fixed income managers as Asgard are facing their worst drawdowns in decades,” Durhuus acknowledges but stresses that there was no link between the current drawdowns and his departure. “I have been at Asgard for seven years, which is a typical interval for me to be starting something new. The decision to leave now actually was already taken two years ago, and just had a slow execution.”

Durhuus believes that the effects most top managers have on a company diminish over time. “Setting a ship in motion typically takes three to four years. After that, it is a lot of supervision and oversight and less exciting, smooth sailing.” Durhuus is confident the asset management firm and its funds are set up to withstand the current turmoil and that the portfolios actually look promising, possibly stronger than coming out of 2008: “The turmoil in the markets for covered bonds and cross-currency basis spreads has created opportunities seldom seen since the financial crisis. The current portfolios of the funds now have an expected return of more than 17% p.a. assuming unchanged market valuations. This is the thing with fixed income instruments, if you manage to hold on to them, you are awarded with fantastic features.”

Durhuus has no next-career move lined up. “I have taken on some board seats over the last years so maybe I can expand my portfolio. More likely I will be doing more projects and tasks than “a job”. I will spend the remainder of the year securing a smooth handover to my successor, whilst at the same time figuring out what lies ahead for me in the new year” he closes.

Subscribe to HedgeBrev, HedgeNordic’s weekly newsletter, and never miss the latest news!

Our newsletter is sent once a week, every Friday.

Kamran Ghalitschi
Kamran Ghalitschi
Kamran has been working in the financial industry since 1994 and has specialized on client relations and marketing. Having worked with retail clients in asset management and brokerage the first ten years of his career for major European banks, he joined a CTA / Managed Futures fund with 1,5 Billion USD under management where he was responsible for sales, client relations and operations in the BeNeLux and Nordic countries. Kamran joined a multi-family office managing their own fund of hedgefunds with 400 million USD AuM in 2009. Kamran has worked and lived in Vienna, Frankfurt, Amsterdam and Stockholm. Born in 1974, Kamran today again lives in Vienna, Austria.

Latest Articles

CABA Flex: End of Lifespan, Promises Fulfilled

About three years ago, Copenhagen-based fixed-income boutique CABA Capital was preparing to launch what would later become the first fund in its Flex series:...

Nordic Hedge Funds Maintain Momentum Towards Year-End

Nordic hedge funds are heading toward year-end with strong momentum, advancing 0.8 percent in October to extend their winning streak that began in May....

Gradually, Then Suddenly: Proxy P Extends Rebound

As Ernest Hemingway once observed, change happens “gradually, then suddenly.” For the team at renewables-focused asset manager Proxy P, a period of weak performance...

Breaking the Mold: Gesda’s Concentrated and Thematic Approach

Few investors are surprised anymore that most actively managed equity funds underperform their passive benchmarks. Yet, that doesn’t mean active management has lost its...

Three-Year Anniversaries for Two PriorNilsson Funds

Two funds at stock-picking boutique PriorNilsson Fonder recently marked their three-year anniversaries, including the real estate-focused, long-biased long/short equity fund PriorNilsson Fastighet. Despite a...

Confluence Marks Next Step in Tidan Capital’s Evolution

Stockholm-based fund boutique Tidan Capital has officially launched its multi-strategy fund vehicle, Confluence, with the strategy now overseeing $265 million across fund and separately...

Allocator Interviews

In-Depth: High Yield

- Advertisement -

Voices

Request for Proposal

- Advertisement -
HedgeNordic
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.