SOURCE: Glitnir

May 14, 2007 02:17 ET

Glitnir strengthens Executive Management: Jan Forsbom appointed new EVP for Glitnir Investment Management

REYKJAVIK, ICELAND -- (MARKET WIRE) -- May 14, 2007 --

Jan Forsbom 1:
Jan Forsbom 2:
Reykjavik/Helsinki, 14 May 2007 - Jan Forsbom (42), Managing Director for FIM Asset Management, Helsinki Finland, has been appointed Executive Vice President within Glitnir with responsibility for Investment Management. This unit aims to implement FIM's products and services cross-border within Glitnir as well as strengthen all the services covering fund management, discretionary asset management, structured products, private banking and distribution. Glitnir aims to grow cross-border Investment Management substantially in the coming years, on the back of FIM's strong track record in Finland.

Forsbom has been pivotal in developing FIM into a leading financial group in the wealth management, brokerage and corporate advisory sectors throughout its operations in Finland, Sweden and Russia. Forsbom will be stationed in Helsinki, where the leadership of Glitnir's Investment Management business is based.

"FIM's track record within asset management is outstanding, and of the 12 Morningstar rated equity and balanced funds, five have a full five star rating. Forsbom will be central in making our Investment Management strategy a success both for our customers and for our shareholders," says Lárus Welding, CEO of Glitnir.

"To grow within investment management we need leaders with in-depth product and services knowledge that can manage this rapidly growing business. Jan Forsbom has a successful track record built on some 20 years of versatile management experience in the industry. I am looking forward to have him on the team," says Lárus Welding, CEO of Glitnir.

"This appointment is a recognition of FIM's strong asset management capabilities. Jan Forsbom will take asset management to the next level and be instrumental in integrating investment management cross border in Glitnir. This also marks the first step in making FIM an integral part of Glitnir," says Risto Perttunen, CEO of FIM.

Glitnir acquired 68.1 % of the shares in FIM in the beginning of February, and the public offering for the remaining shares will close May 16. FIM and Glitnir will have a total of EUR 9.3 billion in assets under management in 40 different mutual and investment funds and discretionary portfolios internationally. Combined, Glitnir and FIM ranked as the second largest broker by market share of total trading turnover in the combined Nordic equity market in the first quarter of 2007. Together the company will have 45 research analysts covering more than 200 listed companies in Iceland, Norway, Sweden, Finland and Russia.

Glitnir's strategy has been to strengthen its management by the appointment of leaders with a proven track record from the finance industry. The announcement of Jan Forsbom's appointment follows the recent announcement that Morten Bjørnsen will head the banking division in the Nordic countries and Sveinung Hartvedt will head Capital Markets in Glitnir. Frank O. Reite has taken on responsibility for Strategic Growth & Business Development. He will focus fully on the strategic development and integration of the companies acquired by the group in the Nordic region. Jan Forsbom will take up his new role on June 1, while Bjørnsen will start August 1 and Hartvedt on September 1.

"Forsbom will be tasked with growing asset management and Investment Management in Glitnir, including facilitating the establishment and growth of Investment Management in the Nordic countries, Luxembourg and other locations, in which the bank currently has offices," comments Lárus Welding.

"To me, Glitnir and FIM is a perfect match. There are almost no overlapping businesses and the people and know-how in Glitnir and FIM complement each other neatly. The spirit of doing and achieving is very similar. We have already identified a lot of direct opportunities in growing the business. We will be able to provide our customers with a broader range of products and services. Unified we will be able to set our service standards at an even higher level. I can guarantee that our customers will benefit from this. I look forward to contributing to customer devotion and Glitnir's further growth," said Jan Forsbom.

Glitnir is now a strong player in the Nordic investment management and securities market, and also provides private banking and wealth management products and services in Luxembourg - the EU's largest private banking centre. FIM Asset Management brings a very strong equity asset management expertise to Glitnir, coupled with an exceptionally strong niche in the emerging markets - the area where the strongest global growth is taking place. Based on statistics published by OMX and Oslo Stock Exchange, Glitnir is the second largest equity broker in the Nordic countries in terms of market turnover*, with operations in five countries; Iceland, Norway, Sweden, Finland and Russia (the latter two as a result of the recent acquisition of FIM). Glitnir has increased its market share substantially in one year, from 0.8% Q1 2006 to 6.05% Q1 2007. The strong increase is a result of both organic growth and the acquisitions of Norse Securities (now Glitnir Securities), Fischer Partners (now Glitnir AB) and FIM Group (tender offer closing 16 May). The combined market share for Glitnir and FIM during the first three months of 2007 was 26% in Iceland, 6.66% in Finland, 6.28% in Sweden, 5.63% in Norway and 3.24% in Denmark.

Marketshare Equity Trading Nordics Q1

Skandinaviska Enskilda Banken AB       7.53 %
Glitnir/FIM                            6.05 %
Morgan Stanley & Co. International LTD 5.99 %
Carnegie Investment Bank AB            5.83 %
Svenska Handelsbanken AB               4.44 %

Jan Forsbom joined FIM in 2000 as Managing Director for FIM Securities Ltd. He became Managing Director for FIM Group Ltd in 2005 and has headed FIM Asset Management Ltd. since the summer of 2006. Previously he was a Director of the HEX Exchange, Vice President for the OM Group - OM Energy Solution in Sweden; a Director of SOM Ltd. and EL-EX Electricity Exchange Ltd. Jan Forsbom has worked within the fields of finance, brokerage and asset management since 1987. Educated at Helsinki University (Master of Law) and Henley Management College (MBA) in the UK, he is married with four children.

For further information, please contact:

Lárus Welding, CEO, Glitnir: mobile +47-47 800 100
Frank O. Reite, Executive Vice President for Strategic Growth &
Business Development in Glitnir: mobile +47-915 80 604
Jan Forsbom, Executive Vice President, Glitnir Investment Management,
e-mail:, mobile +358-50-531 9292
Bjørn Richard Johansen, Managing Director, Corporate Communication,
Glitnir, e-mail:, mobile +47-47 800 100

For photos, please contact:

About Glitnir

The financial group Glitnir offers universal banking and is a leading niche player in three global segments; seafood/food, sustainable energy, and offshore services vessels. Glitnir considers Iceland and Norway its home markets. Services include retail, corporate and investment banking, stock trade and capital management. Glitnir is the sole owner of a bank in Luxembourg (Glitnir Bank Luxembourg S.A) and banks and financial services companies in Norway (BNbank, Glitnir Bank ASA, Glitnir Securities, Glitnir Factoring and Glitnir Property Holding (with partners). Glitnir's subsidiary BNbank owns 45 percent of the shares in Norsk Privatøkonomi ASA, an independent financial advisory company with 14 branches in key areas of Norway). In Sweden, Glitnir owns the leading Swedish brokerage firm Glitnir AB. Glitnir Property Group recently acquired 91 % of the shares in Leimdörfer AB, the leading commercial real estate advisor in Sweden. The group own 68.1 percent of the shares in the leading Finnish asset management company FIM, with operations around Finland and in Stockholm and Moscow. (Glitnir has submitted a tender offer for all shares in FIM, closing May 16). Glitnir operates branches in London and Copenhagen. The group has representative offices in Halifax, Canada and Shanghai, China, and plans to open an office in New York in 2007. Glitnir is listed on the Icelandic Stock Exchange. For more information:

About the FIM GROUP

FIM is a growing investment services group that offers asset management, brokerage and investment banking services for private individuals and organizations. Since March 2007 FIM is part of Icelandic financial group Glitnir ( In addition to the head office in Helsinki, FIM has regional offices in Espoo, Jyväskylä, Kuopio, Lahti, Oulu, Riihimäki, Tampere, Turku and Vaasa. FIM also operates in Stockholm and Moscow. The company had net sales in 2006 of EUR 82.0 million, and it posted operating profit of EUR 19.1 million. FIM had a payroll of 284 employees at the end of 2006.

*Note: Based on Stocks, Equity Rights, Equity Warrants, ETFs, UCITs, Premium Bonds, Convertibles and Warrants traded on the Nordic Exchange. Double counted. Sources: OMX statistics:

Oslo statistcs:

Iceland Statistics:

Press release Icelandic:

Press release Finnish:

Jan Forsbom 1:

Jan Forsbom 2:

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