Skagen manager steps down from €975m fund

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Fund manager Beate Bredesen has stepped down from active management on the €975 million Skagen Vekst after three years on the Nordic and global equity strategy.

Bredesen had been named as a fund manager on the strategy in March 2010 as a replacement for Kristian Falnes, who moved across to manage the Skagen Global fund.

Responsibility for the Skagen Vekst fund will remain with Bredesen’s co-managers Geir Tjetland, who was added to the fund in January 2012, and Ole Søeberg, who has co-run the fund since May 2011.

It is understood Bredesen will assume the role of a generalist portfolio manager at the firm with no fixed mandate.

The Skagen Vekst fund is a Norway-domiciled fund, which is currently registered for sale in eight European markets. It invests at least 50% of its assets in companies listed or trade on the Norwegian market or companies domiciled in Norway.

At present it has 55% allocated to the Norwegian market, with 10.2% in South Korea and 8.2% in the US market. This is while, on a sector basis, energy (22.5%) makes up the largest allocation.

The Skagen Vekst fund has returned 5.1% in the three years to the end of March 2013. This compares to its Citywire benchmark, the MSCI Norway TR, which rose 37.54% over the same period.