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CEO Schanke to leave SKAGEN

Øyvind G. Schanke is stepping down as CEO of SKAGEN. Deputy CEO Tim Warrington has been appointed Acting CEO, effective immediately. SKAGEN's Board has initiated the process to appoint a permanent CEO.

Date: 14/05/18

Øyvind G. Schanke was appointed CEO of SKAGEN on 1 February 2017. He joined SKAGEN from Norges Bank Investment Management (NBIM) where he was the Chief Investment Officer for Asset Strategies for Norway's Government Pension Fund Global. Schanke was instrumental in the process leading up to the acquisition of SKAGEN by Storebrand in October 2017.

"The Board would like to extend its thanks to Øyvind and wish him all the best for the future. Tim Warrington has been with SKAGEN for more than ten years and is the natural choice to take on the role of Acting CEO. We have initiated the process of appointing Øyvind's successor and look forward to announcing the outcome shortly. Meanwhile, Investment Director Alexandra Morris will continue to be responsible for overseeing the portfolio management team," commented Odd Arild Grefstad, Chairman of the Board of SKAGEN and CEO of Storebrand.

"I was appointed CEO of SKAGEN with the remit of further developing the company's long-term strategy at a time when SKAGEN's ownership structure was evolving. With Storebrand now in place as a long-term owner, I have agreed with the Board that the time is right for a transition of leadership. It has been an exciting and instructive time, and I would like to take this opportunity to thank my colleagues in SKAGEN for excellent cooperation. I would also like to wish SKAGEN and Storebrand continued success on their journey to build a leading position in the savings and pensions market," commented Øyvind G. Schanke.

"Important steps have already been taken in building a joint operational platform and strengthening distribution while at the same time safeguarding the independence of the investment boutique and its ability to provide clients with value. The recent client response has also been very positive and I want to thank Øyvind for his efforts in this process and welcome Tim as Acting CEO," commented Jan Erik Saugestad EVP Asset Management of Storebrand.

Acting CEO Tim Warrington has been with the company for over ten years and his appointment ensures continuity and a strong client focus. He was responsible for international distribution and domestic wealth management before taking on the role of Deputy CEO in June 2013.

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skills, the fund’s risk profile and management fees. The return may become negative as a result of negative price developments. There is risk associated with investing in funds due to market movements, currency developments, interest rate levels, economic, sector and company-specific conditions. The funds are denominated in NOK. Returns may increase or decrease as a result of currency fluctuations. Prior to making a subscription, we encourage you to read the fund's prospectus and key investor information document which contain further details about the fund's characteristics and costs. The information can be found on www.skagenfunds.com. Storebrand Asset Management administers the SKAGEN funds which are by agreement managed by SKAGEN's portfolio managers.

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