Knut Kjaer joined three other people to buy Trient Asset Management from First Asset Management, a subsidiary of First Securities.
Terms were not disclosed. Trient will subadvise on the $500 million in multiasset strategies run by First Asset Management, which will continue to handle client relationships.
“We will take over asset management operations and be the company that actually manages the assets for clients,” Mr. Kjaer, a partner at Trient, said in an interview.
Mr. Kjaer will keep his other duties, such as his investment advisory roles with the €239 billion ($336 billion) Stichting Pensioenfonds ABP, Heerlen, Netherlands, the $300 billion sovereign wealth fund China Investment Corp., Beijing, and the €23.2 billion Irish National Pensions Reserve Fund, Dublin.
Mr. Kjaer and his partners — Erik Syvertsen, Tore Andre Lysebo and Geir Stenseth — look to extend the reach of the business outside Norway, starting first in other parts of Europe. “We will grow into advisory and grow internationally,” Mr. Kjaer said.
Mr. Syvertsen was managing director at First Asset Management and Messrs. Lysebo and Stenseth were portfolio managers at the money manager.
Mr. Kjaer is former CEO of Norges Bank Investment Management, which handles the assets of the 3.1 trillion Norwegian kroner ($560 billion) Government Pension Fund Global, Oslo.