Pensum Group

What Pensum Group does

Pensum Group AS is a privately held Norwegian financial services group founded in 2014, headquartered in Oslo, and operating through wholly-owned subsidiaries Pensum Asset Management AS and Pensum Business Services AS. The firm offers three core service lines: (i) asset management via five actively managed mutual funds (Pensum Financial Opportunity A, Pensum Global Energy A, Pensum Kairos A, Pensum Nordic Banking Sector Fund A, and Pensum Norge A) plus discretionary portfolio management; (ii) corporate finance advisory covering capital raising, capital management, and M&A buy/sell transactions; and (iii) business services (accounting, payroll, year-end closing) delivered through an authorized accounting office. The group serves high-net-worth individuals, institutional investors, and Norwegian businesses, delivered through a four-office Norwegian footprint (Oslo, Fredrikstad, Stavanger, Trondheim) supplemented by a client portal and a brand-led content platform spanning Pensum TV, the Pensumpodden podcast, weekly investment commentaries, and the annual Sommerkonferanse.

The business model is fee-based across all three lines, with Pensum emphasizing transparency by receiving payment directly from clients and using institutional-class products without retrocessions. Asset management generates recurring management fees on a NOK 10+ billion AUM base that doubled from NOK 5 billion over the prior 12 months; corporate finance generates episodic advisory fees; and business services produces recurring fees from SMB accounting engagements. In June 2025 the group divested its insurance brokerage subsidiary (Pensum Forsikringsmegling AS) to Söderberg & Partners to concentrate capital and management attention on asset management and corporate finance, while expanding fund distribution into Germany through institutional partners. The firm is supervised by Finanstilsynet and currently operates with 39 employees and no disclosed external funding or parent ownership.

Name

Pensum Group

Legal name

Pensum Group AS

Website

https://pensumgroup.no

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Pensum Group AS is a Norwegian financial services firm offering asset management, corporate finance advisory, and accounting services to high-net-worth individuals, institutional investors, and Norwegian businesses across four Norwegian offices.

Ownership category

akta.pro rank

Product category

Wealth Management and Corporate Finance

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

akta.pro secondary industry

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)

Keywords

• Asset management services
• Investment advisory
• Corporate finance advisory
• Discretionary portfolio management
• Accounting business services

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others, Technology or R&D

Revenue model

1. Asset Management Fees: Pensum Asset Management AS generates revenue through management fees on actively managed funds and discretionary portfolios. The company has experienced strong growth with assets under management increasing from over 5 billion to more than 10 billion NOK in the past 12 months.
2. Corporate Finance Advisory: Revenue from assisting companies with capital raising, capital management, and M&A transactions (buy and sell of companies).
3. Business Services: Pensum Business Services AS, an authorized accounting office, provides accounting, payroll, and year-end services to businesses.
4. Insurance Brokerage (Divested): Previously operated through Pensum Forsikringsmegling AS until sale to Söderberg & Partners on June 19, 2025. The sale aligned with Pensum Group's strategy to focus on core asset management and corporate finance.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Pensum Group provides capital management (asset management, investment advisory, and discretionary portfolio management) through Pensum Asset Management AS, corporate finance advisory (capital raising, capital management, M&A advisory) for Norwegian businesses, and authorized accounting services (bookkeeping, payroll, year-end closing) through Pensum Business Services AS. The firm manages five actively managed funds and serves private individuals, institutional investors, and corporate clients across four Norwegian offices, with assets under management exceeding NOK 10 billion as of mid-2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Kapitalforvaltning (Capital Management) Investment advisory and discretionary portfolio management services tailored to private individuals, businesses, and institutions, with active portfolio oversight by experienced managers and transparent reporting.
• Pensum Financial Opportunity A Actively managed equity fund offered by Pensum Asset Management AS covering financial opportunity segments for retail and institutional investors.
• Pensum Global Energy A Actively managed sector fund providing exposure to global energy companies for retail and institutional investors.
• Pensum Kairos A Actively managed fund within the Pensum Fund range for retail and institutional investors.
• Pensum Nordic Banking Sector Fund A Actively managed sector fund focused on Nordic banking equities for retail and institutional investors.
• Pensum Norge A Actively managed Norwegian equity fund offered to retail and institutional investors.
• Corporate Finance Advisory Advisory services for Norwegian companies covering capital raising, capital management, and M&A transactions including the buying and selling of companies.
• Business Services (Accounting, Payroll, Year-End Closing) Authorized accounting office services including bookkeeping, payroll administration, and annual year-end closing for Norwegian businesses, allowing clients to focus on their core operations.

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Söderberg & PartnersminorStrategic or Co-development Partner · 19 June 2025Pensum Group sold 100% of shares in subsidiary Pensum Forsikringsmegling AS to Söderberg & Partners on June 19, 2025. Söderberg & Partners is a leading insurance brokerage firm in the Nordic region. The sale aligns with Pensum's strategy to strengthen focus on core business within asset management and corporate finance. Both companies will cooperate closely to ensure a seamless transition for customers and partners.

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Storebrand Asset Management: Norway's largest insurance/pension-led asset manager; competes for Norwegian institutional mandates and offers wealth products in the same customer pool as Pensum.
• DNB Asset Management / DNB Wealth Management: Norway's largest bank-affiliated asset manager and wealth manager; competes for the same institutional and HNW clients as Pensum but at vastly larger scale and broader product scope.
• Nordea Asset Management / Private Wealth: Pan-Nordic bank-led asset manager and private banking franchise; overlaps with Pensum on Norwegian and Nordic institutional mandates.

Direct peers

• Pareto Asset Management: Norwegian active asset manager focused on Nordic equities and multi-asset strategies; directly comparable to Pensum's active Norwegian and Nordic sector funds (e.g., Nordic Banking, Norge).
• Arctic Fund Management: Nordic-focused active equity asset manager; closely comparable to Pensum's Norwegian and Nordic equity mandates with similar institutional and retail distribution.
• ODIN Fund Management: Norwegian active fund manager offering Nordic and global equity funds; comparable active management approach and Norwegian retail/institutional client base.
• Skagen Funds: Norwegian-headquartered active asset manager with value-oriented global and Nordic funds; directly comparable fund product set and Norwegian retail channel.
• Alfred Berg Asset Management: Nordic asset manager offering active funds and discretionary portfolio management; similar institutional and retail wealth offering across Norway.
• Carnegie Investment Bank: Nordic investment bank and wealth manager with corporate finance advisory and asset management; comparable to Pensum's combined corporate finance + discretionary wealth offering for Nordic SMEs and HNW.

Regional players

• Söderberg & Partners: Nordic insurance brokerage and wealth advisory group; recently acquired Pensum Forsikringsmegling and a logical adjacent peer in Nordic financial advisory with overlapping HNW and corporate clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/pensumgroup
• LinkedInlinkedin.com/company/pensumgroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pensum Group