Stockholm (HedgeNordic) – Norron Asset Management, a boutique fund manager in the process of merging with Aker-owned Industry Capital Partners, has strenghtened its institutional sales team with the hiring of Jonas Karell from Ruth Asset Management. Leveraging his extensive network of institutional clients and experience in broker-facilitated fund distribution, Karell is set to play a central role in driving marketing and sales effors in Sweden for the soon-to-be merged entity, ICP Norron.
“Joining the journey with Aker-owned Industry Capital Partners (ICP) and Norron is an opportunity and privilege I am gladly embracing,” Karell announces on LinkedIn. With 30 years of experience in fund sales, Karell has held key sales roles at asset managers such as Skandia, Öhman Fonder, and most recently, Ruth Asset Management. He has served in several leadership positions in sales and was instrumental in establishing the institutional business at Öhman Fonder. In his recent role at Ruth Asset Management, Karell specialized in broker-facilitated fund sales in Sweden.
“Joining the journey with Aker-owned Industry Capital Partners (ICP) and Norron is an opportunity and privilege I am gladly embracing.”
Jonas Karell
Aker, the majority owner of Norron Asset Management since its inception in 2011, signed a letter of intent with the company’s other shareholders last year to acquire full ownership of Norron. As part of this transaction, Norron’s fund management operations will be integrated with Aker’s other asset management investment, Industry Capital Partners (ICP). For Norron, the merger will significantly enhance its capabilities, as the fund management team will double in size with the addition of highly skilled and experienced professionals from ICP, many of whom have backgrounds at Norges Bank Investment Management (NBIM), commonly known as the Norwegian Oil Fund. ICP is led by Yngve Slyngstad, who served as the head of the Norwegian Oil Fund for 13 years.
The two fund management businesses will be combined under a new entity, named ICP Norron, with the merger expected to be completed in the first half of 2025, pending approval from the relevant authorities. “It is both stimulating and exciting to have the privilege of collaborating with Norron’s management team and ICP’s team, both of whom bring extensive experience from the Norwegian Oil Fund,” says Karell. He will be based in the Stockholm office, working alongside Sebastian Uddén, Norron’s Head of Sales in Sweden.
“It is both stimulating and exciting to have the privilege of collaborating with Norron’s management team and ICP’s team, both of whom bring extensive experience from the Norwegian Oil Fund.”
Jonas Karell
Norron Asset Management specializes in active management across equities, fixed income, and alternative investments. Its current product lineup includes five funds: two absolute return funds, two fixed-income funds, and one equity fund, managing approximately SEK 8.3 billion (€723 million) in assets as of year-end 2024. The two hedge funds, Norron Select and Norron Target, together manage around SEK 748 million, with the multi-strategy Norron Target experiencing a significant decline in assets under management from over SEK 4.5 billion in 2020 to less than SEK 600 million by the end of 2024.
