Kvika banki hf. has signed a contract to acquire the entire share
capital of ALDA Asset Management hf. The sale was concluded subject to due
diligence and regulatory consent.
ALDA operates 11 UCITS and other funds for collective investment,
as well as acting as sales agent for funds from Aberdeen Asset Management and
Hermes Investment Management. Total assets under management by ALDA amount to
ISK 45 billion; the company has six employees with extensive experience in the
field of asset management. In recent years the company has been highly
successful in asset and fund management and the scope of its activities has
expanded substantially.
Kvika is Iceland's only specialised investment bank, with a strong
position in capital markets, asset management, corporate finance, specialised
lending and private banking services. Kvika recently acquired all the share
capital of Virðing hf. and plans to merge the two companies. The acquisition of
Virðing hf. is also subject to regulatory consent, and is currently being examined
by the Icelandic Financial Supervisory Authority (FME) and Competition
Authority.
Its acquisitions of Virðing and ALDA will make Kvika a leading
actor in the asset management field in Iceland, with some ISK 280 billion in
assets under management.