One of Norway’s wealthiest businessmen, Trond Mohn, has brought a 12.5 percent ownership stake in Arctic Securities in Oslo, and will become part of the brokerage firm’s new advisory board.
Arctic Securities boss Mads Syversen told newspaper Dagens Næringsliv (DN) on Friday that the firm wants to forge closer ties with business and finance leaders outside the brokerage industry. “We have wanted to attract more active investors, and have had talks with Mohn this autumn,” Syversen told DN. “Along the way, we found out that this is a perfect match.”
Syversen said that the 71-year-old Mohn will be a “strong resource” for Arctic Securities because of his competence and experience. Mohn, known for being a philanthropist, built up his family’s Bergen-based pump business, Frank Mohn A/S, into a major company with customers around the world. In April, the business was sold to Alfa Laval of Sweden for NOK 13.5 billion (USD 2 billion at the time). DN reported that Mohn will now be investing around NOK 110 million in Arctic Securities, and Mohn said he expects they’ll have “lots of fun” in the years ahead.
Arctic Securities, founded by brokers from Enskilda seven years ago, quickly became one of Norway’s biggest private brokerages with major consulting contracts in the oil and offshore sector. DN reported that revenues have stagnated in recent years, though, and Syversen now wants to rebuild. A new office in New York is expected to make it easier to sell Nordic securities to American investors, and plans are afoot to expand into Asia. The firm currently has offices in Oslo, Stockholm and Rio de Janeiro, and an affiliate office in Houston.