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Søren Milo Christensen has 18 years' experience from the fund management industry.

Søren joined SKAGEN in May 2010 as portfolio manager of the global equity fund, SKAGEN Global and has 18 years' experience from the industry. He will now be taking over as lead manager of the Global/Nordic equity fund SKAGEN Vekst, working alongside portfolio manager Alexander Stensrud.

Øyvind Fjell has chosen to leave SKAGEN to pursue new opportunities and will be taking up a position as Portfolio Manager at DNB in Oslo.

Investment Director Alexandra Morris commented:

"After eight years of significant contribution to SKAGEN Global, we believe that Søren is ideally placed to take on the role of lead manager of SKAGEN Vekst. The equity teams work closely together with extensive cooperation and there is a good dynamic between Søren and Alexander Stensrud.

We are sorry to be losing a good and talented portfolio manager in Øyvind Fjell and wish him the best for the future."

Knut Gezelius and Chris-Tommy Simonsen will continue to manage the SKAGEN Global fund. As the fund has a fairly concentrated portfolio of around 45 holdings, SKAGEN is not currently looking to hire additional resources to the team. The Portfolio Department has built a strong roster of resources that interact across the teams, including an equity analyst fully dedicated to SKAGEN Global. The portfolio managers will continue to collaborate with and seek support from these resources.

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager's skill, the fund's risk profile and management fees. The return may become negative as a result of negative price developments.