Former Norwegian oil fund executives team up with Tiger on macro fund
GLOBAL - New York's Tiger Management, led by industry veteran Julian Robertson, is teaming up with former executives at the Norwegian oil fund to launch a 'global macro' fund later this year.
Knut Kjaer and Dag Lotveit, former executives at Norges Bank Investment Management (NBIM) - which manages the Norwegian Government Pension Fund and the country's foreign reserves - founded Oslo-based Trient Asset Management last year.
Kjaer served as NBIM's founding chief executive from 1997 to 2008.
He said teaming up with Robertson and Tiger in a new strategic partnership had given his company a "flying start".
"Julian's legacy as investor and talent to guide investment teams is a fantastic inspiration to all of us," he said.
Under the terms of the partnership, Tiger - an investment management sponsor with more than $2bn (€1.5bn) invested - will take a share of the fees earned by the global macro fund.
The companies said the partnership would also benefit from "shared investment knowledge, operational and management skills and strong execution".
Lotveit, who served as fixed income CIO and later as global head of allocation strategies at NBIM from 1999 to 2011, will manage the fund.
According to Lotveit, "fundamental structural challenges" worldwide have been threatening ongoing global integration.
"The tensions between convergence and divergence of economies and markets, and the uncertainty and inefficiencies driven by massive public policy interventions, creates distortions of asset prices," he said.
"Our team will target investment opportunities where asset prices deviate substantially from their long-term fair values and will exploit the time varying nature of risk premiums and profit from volatility and turbulence in global markets."