Key Takeaways
- • Borea Asset Management, a Bergen-based manager, is opening an office in Oslo, its first dedicated presence in the capital, to serve existing and prospective clients in the Oslo area.
- • Two client advisers, Peter Hartvigsen and Stian Haughem, are being hired to staff the Oslo office, both coming from wealth management roles at DNB and Formue.
- • Borea's assets under management have more than tripled to NOK 33.7 billion across a dozen funds since Frendegruppen acquired the firm in 2024, when it managed just over NOK 10 billion across five funds.
- • The firm's special funds, comprising one equity fund and three fixed-income funds, account for approximately 40 percent of its current asset base.
Summary
Bergen-based Borea Asset Management is expanding its presence in Norway with the opening of an office in Oslo and the appointment of two client advisers, Peter Hartvigsen and Stian Haughem, according to HedgeNordic. The move follows a period of growth for the asset manager, which has broadened its fund range beyond its traditional fixed-income focus.
Borea states that it has many clients in and around the capital, and that a local office will make it easier to meet clients and prospective clients when the need arises. The firm emphasized the value it places on face-to-face meetings and said it wants to be present where its clients are. Calix Black Ndiaye, director of marketing at Borea Asset Management, said the Oslo office makes it easier for the firm to stay close to its clients and expressed confidence that Haughem and Hartvigsen will become important partners for Borea's clients in Oslo.
The new office will initially be staffed by Hartvigsen and Haughem, both of whom bring wealth management and investment advisory experience. Haughem joins from DNB Wealth Management, where he worked as a private banker and previously held advisory and investment brokerage roles. Hartvigsen joins from Formue, where he worked as a wealth manager advising clients on investments, portfolio construction and long-term financial planning, and previously was an investment adviser at DNB.
The expansion follows Frendegruppen's 2024 acquisition of Borea, which Frendegruppen describes as Norway's second-largest banking partnership. At the time of the transaction, Borea managed just over NOK 10 billion across five funds. Assets under management have since more than tripled to NOK 33.7 billion across a dozen funds, reflecting both growth and a broader product range beyond the firm's original fixed-income focus. The special funds, one equity fund and three fixed-income funds, make up roughly 40 percent of the current asset base.
Borea states that it has many clients in and around the capital, and that a local office will make it easier to meet clients and prospective clients when the need arises. The firm emphasized the value it places on face-to-face meetings and said it wants to be present where its clients are. Calix Black Ndiaye, director of marketing at Borea Asset Management, said the Oslo office makes it easier for the firm to stay close to its clients and expressed confidence that Haughem and Hartvigsen will become important partners for Borea's clients in Oslo.
The new office will initially be staffed by Hartvigsen and Haughem, both of whom bring wealth management and investment advisory experience. Haughem joins from DNB Wealth Management, where he worked as a private banker and previously held advisory and investment brokerage roles. Hartvigsen joins from Formue, where he worked as a wealth manager advising clients on investments, portfolio construction and long-term financial planning, and previously was an investment adviser at DNB.
The expansion follows Frendegruppen's 2024 acquisition of Borea, which Frendegruppen describes as Norway's second-largest banking partnership. At the time of the transaction, Borea managed just over NOK 10 billion across five funds. Assets under management have since more than tripled to NOK 33.7 billion across a dozen funds, reflecting both growth and a broader product range beyond the firm's original fixed-income focus. The special funds, one equity fund and three fixed-income funds, make up roughly 40 percent of the current asset base.
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