The Fondsfinans group comprises Fondsfinans ASA (including its 100% owned subsidiary Fondsfinans Inc.) and Fondsfinans Kapitalforvaltning ASA.
Fondsfinans ASA was established in 1950, and is the oldest investment firm in Norway. Erik Must and Kjell Chr. Ulrichsen acquired the firm in 1972. Mr. Ulrichsen remains a member of the Board of Fondsfinans, but he no longer has any financial interest in the firm.
The business has been organised as an Internal Partnership (DIS) since 1995. The partners have contributed partnership capital of NOK 25 million. Fondsfinans ASA is the responsible partner in the DIS and has contributed NOK 75 million of partnership capital.
Fondsfinans is a knowledge-based investment firm with a business objective of creating long-term added value for its clients. The business vision of Fondsfinans is to be an independent and leading investment firm, rooted in Norway and in the Norwegian securities market. The firm is committed to operating at all times with the highest levels of integrity and ethical standards, and aims to maintain a sound capital base and a low risk profile.
Fondsfinans Kapitalforvaltning ASA was formally registered in 1997. In its first years it only conducted discretionary asset management based on individual agreements. The first mutual fund was established in 2000. In 2005 the discretionary asset management was sold to Danske Capital.
Fondsfinans Kapitalforvaltning ASA today manages four mutual funds that invest mainly in shares. Two funds are Norwegian and two are international industry funds.
Fondsfinans ASA and Fondsfinans Kapitalforvaltning ASA are wholly owned by Erik Must AS. Erik Must AS is wholly owned by Erik Must and his family.
The Group Erik Must AS also comprises Fondsavanse AS (wholly owned), Must Invest AS (wholly owned) and the publishing company Gyldendal ASA (85% ownership).
Erik Must is the chairman of the board of all Group's subsidiaries.
The equity of Erik Must AS' subsidiaries at 31 December 2008 amounted to NOK 1,781 million. Unrealized revaluation surpluses on the Group's shareholdings (excluding its subsidiaries) amounted to NOK 393 million.
The Erik Must AS Group also owns 25% of the power generation and investment company Arendals Fossekompani and 14% of the media company NHST.
The Fondsfinans group operates its own pension scheme, with total assets of NOK 150 million.