Norwegian fund boutique Borea Asset Management is set to welcome a new owner and strategic partner in Sparebanken Møre, the largest bank in the Northwest region of Norway. The move follows Sparebanken Møre’s decision to acquire a minority stake in Frende Kapitalforvaltning, which in turn holds a controlling interest of 70 percent in Borea Asset Management.

Specifically, Sparebanken Møre will acquire a 7.5 percent stake in Frende Kapitalforvaltning, alongside Sparebanken Norge, which will own the remaining 92.5 percent. Through this structure, Sparebanken Møre will gain an indirect ownership interest in Borea Asset Management. The transaction is subject to regulatory approval and is expected to be completed during the first quarter of 2026.

“Borea has ambitious growth plans and manages funds that have delivered strong returns and gained broad traction among Norwegian fund investors,” says Trond Lars Nydal, CEO of Sparebanken Møre. “By becoming part of this fund management platform, we expect positive effects for both our customers and the bank.”

“Borea has ambitious growth plans and manages funds that have delivered strong returns and gained broad traction among Norwegian fund investors.”

Trond Lars Nydal, CEO of Sparebanken Møre.

The savings segment represents one of Sparebanken Møre’s key long-term strategic priorities. The bank has recorded solid growth in both the sale of savings products and investment advisory services, a trend it expects to continue. “Today, we offer our customers a wide range of fund providers, and that will remain the case,” Nydal notes. “This ownership stake allows us to participate in the value we help create, while also contributing to the development of the company, for the benefit of both customers and the bank.”

Borea Asset Management CEO Hilde Nødseth welcomes Sparebanken Møre as a new owner and partner. “It is very gratifying that Sparebanken Møre is taking the step to become an owner in Borea,” she says. “The bank has strong distribution capabilities and a proven ability to generate growth, which aligns well with Borea’s strategy toward bank-distributed fund solutions.”

“It is very gratifying that Sparebanken Møre is taking the step to become an owner in Borea. The bank has strong distribution capabilities and a proven ability to generate growth…”

Hilde Nødseth, CEO of Borea Asset Management.

Founded in 2005, Borea Asset Management has traditionally focused on managing capital for professional investors, primarily through special funds with higher minimum investment thresholds. Following the acquisition by Frende Kapitalforvaltning, the boutique has begun expanding its product offering to address the broader retail market, targeting the 800,000 to one million customers served by Frendegruppen’s network of independent banks.

“A key factor in our decision was the opportunity for market expansion,” Calix Black Ndiaye, a Director at Borea Asset Management, previously told HedgeNordic. “Frendegruppen has an extensive distribution network that will significantly enhance our reach, enabling us to serve new regions and customers more effectively,” he explained. “This larger footprint provides a unique opportunity for growth, allowing us to leverage their infrastructure while continuing to build on our own strengths.”