NORDIC – Iceland’s Kaupthing, which recently set up a UK asset management business, says it has hired State Street Global Advisors’ Peik Wardi to boost its Northern European institutional business.

Its Kaupthing Sofi arm said in a release that Wardi would on September 1 in the new position of senior relationship director.

“He will be based in Helsinki, Finland and concentrate on growth of the business with the Northern European institutional clients.” He would also head the distribution of Kaupthing Manager Selection Funds.

It said: “Wardi will move to Helsinki from Brussels where he was working at State Street Global Advisors and responsible for relationship and sales to Nordic clients.”

Kaupthing Sofi offers institutional investors multi-manager fund management, advisory services on manager selection, peer-group ranking and portfolio monitoring.

In June Kaupthing set up a UK-based asset management business called New Bond Street Asset Management – headed by former Bankgesellschaft Berlin London co-head Zoe Shaw.

"We are very excited to be launching this new asset management business in the UK,” said Kaupthing executive chairman Sigurdur Einarsson. “NBS complements our current asset management business in Europe and reinforces our commitment to the UK market."

Last month Reykjavik-based Kaupthing reported a 100.9% increase in first half net earnings to 6.16 billion Icelandic kronur (70 million euros).