NORDIC – Fidelity Investments has hired an associate partner from consulting firm McKinsey & Co. as the head of its Nordic institutional business, a new role.

It said Asgeir Thordarson would be director and head of the Nordic institutional business reporting to Peter Lord, managing director of Fidelity’s institutional business in Europe, the Middle East and Africa.

“The Nordic region is a key strategic area in the development of our institutional business in Europe,” Lord said.

“The assets under management for existing Nordic clients have grown significantly in the last three years and currently exceed five billion dollars.”

“I am sure that with Asgeir leading the team it will allow us to take advantage of the tremendous opportunities we are currently seeing and will increase our client base even further over the next few years.”

Fidelity’s Nordic business, headed by Mike Nikou, executive director for the Nordic region was established in Stockholm in 1996.