Norway-based Storebrand Asset Management (AM) reported that its assets under management (AUM) increased by NOK 65bn (£4.74bn) in the second quarter of the year, despite a “turbulent first half”.
Storebrand AM focuses on alternative investments, including private equity, infrastructure, and private debt. Its private credit arm, Storebrand Private Debt, manages an array of asset-backed portfolios with mandates greater than £3.65bn to invest in asset-backed real estate, direct loans to Nordic LBOs, external debt funds and mortgage funds.
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The business also reported net revenue of NOK 806m in Q2, up from NOK 747m in the first quarter of the year, while net positive flows were NOK 3bn. However, the total net flow was negative by NOK 1bn due to “changes in captive portfolios”.
The business said the second quarter was “marked by continued market turmoil in April, with a comeback in May and June”.
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“Despite a turbulent first half we are in a good shape. Our clients are more settled now and willing to once again take on a more long-term view on their investments,” said Jan Erik Saugestad, chief executive of Storebrand AM.
The firm said it has recently expanded its risk and ownership team with three new external hires in Oslo, Stockholm and Stavanger.
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