NORWAY – Storebrand Investments has won a NOK25bn (€3.2bn) asset management mandate covering the majority of Gjensidige Forsikring’s investment portfolio.

Gjensidige Forsikring is one of Norway’s leading insurance companies.

The decision means a loss for incumbent DnB NOR Asset Management – which has a 30% institutional market share in Norway and a 20% share in Sweden.

Storebrand will take over as main asset manager from January 1 2006.

A press statement released today said the mandate was among the largest that has been out for open competition in the Norwegian market.

A Storebrand spokesperson stated the tendering process was initiated in the spring and lasted approximately six months. He could not name the adviser or confirm whether one was involved in the process.

The mandate covers a variety of different asset classes, but has a major focus in fixed income portfolios.

The spokesperson could not give IPE a breakdown of the asset classes in accordance with the terms of the mandate agreement.

“In addition to competitive returns, a mandate like this obliges that we satisfy comprehensive requirements to operations in back and middle office,” said Storebrand managing director Hans Aasnaes.

Gjensidige Forsikring will become Storebrand’s largest external customer, meaning that total assets under management will exceed the NOK200bn mark. External assets will also double in size and exceed NOK50bn.

DnB NOR could not be reached for comment.