UK/NORWAY - Norwegian fund manager Skagen is setting up an operation in the UK.
The boutique fund manager already markets funds in the UK but is planning to open an office in London's West End during Q2 this year.
Skagen UK said its long-term strategy was to intensify its activity in the UK. It currently has about £700m (US$1.1bn) under management, predominantly from institutional clients - many of which are pension funds.
Skagen UK will be headed by newly-appointed managing director Stephen Millar, who assumes responsibility for all activities in the UK. He was appointed on February 15.
Millar joined Skagen from T. Rowe Price where he was head of UK institutional business and pan-European investment consultant relations. He has 15 years' experience in the industry, including previous senior business development and client servicing roles at Insight Investment and Schroders.
The London-based team will also include Alexander Stensrud who is currently working for the international team in Stavanger, Norway. Stensrud has spent nearly two years with Skagen in asset management and client support.
The London office will be Skagen's tenth office - in addition to the six in Norway, two in Sweden and one in Denmark.
Skagen had a total of EUR11.4bn (US$15.6bn) in assets under management at the end of last year.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.