EGD Holding to acquire Argentum Asset Management

Argentum Fondsinvesteringer, fully owned by the Norwegian state, has entered into an agreement to sell its fund management business to, including Argentum Asset Management, Argentum Alternative Investment and Argentum Business Management, to EGD Holding.

The Bergen-based investment company EGD Holding will take ownership of the management business, which will continue to manage the state’s investment portfolio for a period of at least seven years, in addition to the management for private investors. EGD Holding, together with employees in the management business, will have both financial strength and solid expertise to ensure professional and effective handling of the state’s assets.

“The board, in consultation with the owner, has decided to enter into an agreement to sell the management business. I am pleased that EGD Holding has a long-term perspective and that they want to retain and further develop the professional environment in Bergen. This forms a strong foundation for continued effective management of the state’s assets,” says chairman of the board Bjørn Erik Næss.

“This is good news for both the company and its employees. With EGD Holding, we will have a long-term professional owner who intends to further develop one of Norway’s leading investor environments in private equity. We value the trust placed in us to continue managing state capital and look forward to working with the new owner on what remains our most important goal: to deliver solid returns for all our investors,” says CEO of Argentum Espen Langeland.

The state investment portfolio will be gradually reduced and liquidated as the investments are realised and the capital is withdrawn as dividends and transferred to the state budget. In addition to managing the state’s portfolio in the coming years, the management business will continue to manage capital from private investors.

The agreement will be presented to Stortinget, the Norwegian Parliament. Given the parliament’s approval and necessary regulatory approvals, the goal is to complete the sale by the end of the year.

EGD Holding AS is a Bergen-based investment company with roots dating back to 1907. Today, the company is active in asset management, shipping and property. EGD is owned by Espen Galtung Døsvig, the fourth generation owner.