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Formue Nord Expands to Stockholm

Report: Systematic Strategies

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Stockholm (HedgeNordic) – Danish boutique asset manager Formue Nord has expanded its reach by opening an office in Stockholm and appointing Erik Josefsson as Senior Partner to lead the office. Josefsson, who most recently served as Head of Corporate Finance at Mangold Fondkommission, will be sharing the Stockholm office with Formue Nord’s Junior Analyst, Patrick Kondrup Mørup, right from the outset. The firm plans to assemble a larger team in the city over the next year.

“Happy to announce that I’m joining Rasmus Viggers and Thøger Dam Johansen and the rest of the team at Formue Nord,” announces Erik Josefsson (pictured left). “I open up our Stockholm office together with Patrick Kondrup Mørup. Super excited to get to work,” he continues. “Erik joins as Senior Partner and will be heading our Stockholm office,” comments Formue Nord’s founder and CIO, Rasmus Viggers. “Now you are on the ‘right side of the table’ after almost a decade of mutual business.”

“Happy to announce that I’m joining Rasmus Viggers and Thøger Dam Johansen and the rest of the team at Formue Nord.”

Josefsson has spent the past 17 years at the investment bank boutique Mangold Fondkommission, where he was involved in providing investment banking services within the small and micro-cap sector in Sweden. Formue Nord is a specialized asset manager offering tailored financing solutions to listed micro-, small- and mid-cap companies in the Nordic region via its two funds: Formue Nord Markedsneutral and Formue Nord Fokus. Since its inception, Formue Nord has executed a total of 705 investments, with the Swedish market accounting for 91 percent of this deal flow. The remaining markets served by the firm include Denmark, Norway, Finland, and Germany.

Formue Nord Fokus generally offers financing solutions with a maturity of at least one year, whereas Formue Nord Markedsneutral engages in transactions with shorter maturities. Formue Nord Markedsneutral, the older of the two funds, has generated an annualized return of 4.9 percent since late 2015, while Formue Nord Fokus has achieved an annualized return of 8.8 percent since launching in the second half of 2018. Formue Nord manages more than SEK 1 billion in equity across the two funds, equivalent to just shy of €100 million. In addition, Formue Nord has established a co-investor arrangement that can quadruple that amount in relevant transactions, bringing its funding capacity up to SEK 400 million in any specific deal.

“We see great potential in offering longer-term loans to the upper end of their segment in the current market,” says Viggers. These listed companies previously had very good access to the bond market, but the current sentiment and higher interest rate environment have made this funding route much more costly. The team at Formue Nord believes that many cases are better suitable for bilateral loan agreements with Formue Nord Fokus as the sole lender.

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Eugeniu Guzun
Eugeniu Guzun
Eugeniu Guzun serves as a data analyst responsible for maintaining and gatekeeping the Nordic Hedge Index, and as a journalist covering the Nordic hedge fund industry for HedgeNordic. Eugeniu completed his Master’s degree at the Stockholm School of Economics in 2018. Write to Eugeniu Guzun at eugene@hedgenordic.com

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