Íslensk verðbréf

What Íslensk verðbréf does

Íslensk verðbréf hf. (ÍV) is an Icelandic asset and fund management company formed on March 31, 2025, through the merger of SIV eignastýring and ÍV sjóðir, both previously operating under the Skaga hf. financial conglomerate. The company operates as a wholly-owned subsidiary of Skaga hf., alongside sister entities VÍS tryggingar (insurance) and Fossar fjárfestingarbanki (investment bank). ÍV manages approximately 225 billion ISK in assets across 18 funds with only 15 employees, providing both retail and institutional investment products. The company serves general investors through open securities funds and professional investors through closed specialized funds, alongside bespoke asset management services for institutional clients including pension funds and insurance companies. VÍS tryggingar, a sister company under Skaga, is explicitly named as the largest portfolio under management.

The company's product portfolio spans domestic and international equities, Icelandic bonds, balanced funds, and alternative credit. Key open funds include ÍV Erlend hlutabréf (international equity fund targeting MSCI ACWI with a 1.5% management fee and 15% performance fee), ÍV Hlutabréf (Icelandic equity, 1.7% management fee), and ÍV Eignasafn II (balanced, 0.8% management fee, max 35% equity). The firm has expanded into private credit via two newly launched closed-end funds—SIV Alternative Credit Fund (~5 billion ISK commitments) and SIV Credit Fund II (12.6 billion ISK commitments)—focused on corporate lending secured by real estate and fixed assets. Funds are distributed through the company's digital subscription platform (ebank.iv.is) and primarily through its sister company Fossar fjárfestingarbanki, which provides securities custody infrastructure. No proprietary technology platform is described; the business is built on portfolio management expertise rather than technology differentiation. All operations are domestic within Iceland.

ÍV generates revenue through three streams: recurring annual management fees (0.8-1.7% of AUM by fund), performance fees charged above predefined benchmarks (e.g., 15% above MSCI ACWI on the international equity fund), and transaction/entry fees at point of purchase (0.5-1%). The business model emphasizes active management targeting long-term returns above benchmarks, with the experienced 15-person investment team as the primary value driver. The fund lineup is currently being rationalized through multiple mergers (2025-2026) while simultaneously launching new credit vehicles, indicating a deliberate consolidation-and-expansion strategy.

Name

Íslensk verðbréf

Legal name

Íslensk verðbréf hf.

Website

https://iv.is

Company type

Private

Founded year

2025

Operating status

Operating

Headcount range

11–50 employees

Short description

Íslensk verðbréf hf. is an Icelandic asset and fund management firm managing approximately 225 billion ISK across 18 funds for retail and institutional investors. Formed in 2025 via merger of SIV eignastýring and ÍV sjóðir, it operates as a subsidiary of Skaga hf.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industry

Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)

Keywords

• Asset management
• Fund management
• Securities funds
• Investment management
• Institutional asset management

Headquarters

HQ city

Akureyri

HQ country

Iceland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees (Umsýsluþóknun): Recurring annual management fees charged on assets under management across all funds. Fees vary by fund type.
2. Performance Fees (Árangursþóknun): Success fees charged when fund returns exceed predefined benchmarks. For example, the ÍV Erlent hlutabréf fund charges 15% performance fee above the MSCI ACWI Index benchmark.
3. Transaction/Entry Fees: Fees charged at point of purchase of fund units. For example, 1% fee on purchases for ÍV Erlent hlutabréf, 0.5% for ÍV Eignasafn II.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels2 records

Core offering

Íslensk verðbréf hf. operates two principal lines: (1) fund management (sjóðastýring) offering open securities funds under the ÍV brand for retail investors and closed specialized credit funds under the SIV brand for professional investors, covering Icelandic and international equities, bonds, mixed assets, short-term securities, and corporate credit; and (2) institutional asset management (eignastýring) providing discretionary segregated portfolio management for pension funds, insurance companies, and other institutional clients across roughly 225 billion ISK in total assets under management.

Product overview

Íslensk verðbréf hf. is an independent asset and fund management company formed March 31, 2025 through the merger of SIV eignastýringar and ÍV sjóða, operating as a subsidiary of Skaga hf. The company manages approximately 225 billion ISK in assets under management with 15 employees. It operates two main divisions: fund management (sjóðastýring) offering open securities funds for retail investors and specialized funds for professional investors, and institutional asset management (eignastýring) providing customized portfolio management for pension funds, insurance companies, and other institutional investors. The company offers 18 securities and specialized funds total, including equity funds, bond funds, credit funds, and alternative investment products. Fund distribution occurs through the company's digital platform (verðbréfavefur), direct advisor contact, and partner networks including Fossar fjárfestingarbanki. The investment approach emphasizes active management targeting long-term returns above predefined benchmarks.

Differentiator

Problem solved

Functional benefit

Brands

• ÍV: Brand name for open funds for retail investors managed by Íslensk verðbréf hf.
• SIV

Products and services

• ÍV Hlutabréf hs. (Icelandic Equity Fund) Open Icelandic equity fund investing in shares of Icelandic companies. Actively managed to outperform benchmark over extended periods. Settlement T+2, minimum investment 10,000 ISK, annual management fee 1.7%. Targets general (retail) investors.
• ÍV Erlend hlutabréf hs. (International Equity Fund) Open international equity fund investing primarily in large, well-known global companies. Actively managed, risk class 6/7. Settlement T+3, minimum investment 5,000 ISK, annual management fee 1.5% plus 15% performance fee above MSCI ACWI benchmark, purchase fee 1%. Targets general investors.
• ÍV Eignasafn II hs. (Balanced Mixed-Asset Fund) Balanced open investment fund with maximum 35% equity allocation, investing primarily in domestic and international bonds. Lower risk than equity funds. Risk class 3/7, annual management fee 0.8%, benchmark Depo + 3%, purchase fee 0.5%. Targets general investors.
• ÍV Skuldabréf hs. (Icelandic Bond Fund) Open investment fund focused on Icelandic bonds. Wholly-owned subsidiary fund operated by Íslensk verðbréf for general investors.
• ÍV Skuldabréfasafn hs. (Bond Portfolio Fund) Open bond portfolio fund for general investors, operated as a wholly-owned subsidiary fund by Íslensk verðbréf.
• ÍV Stokkur hs. (Icelandic Equity Fund) Open equity fund wholly-owned and operated by Íslensk verðbréf, for general investors.
• ÍV Skammtímasjóður plús hs. (Short-term Securities Fund) Open short-term securities fund (money-market style) wholly-owned and operated by Íslensk verðbréf for general investors seeking liquidity and short-dated exposure.
• SIV Alternative Credit Fund Closed specialized fund providing corporate financing with broad lending authorities. Total subscription commitments exceeding 5 billion ISK. Open to institutional investors and other professional investors.
• SIV Credit Fund II slhf. Closed limited partnership fund that invests in bonds and loans to companies, primarily secured by real estate and other fixed assets. Total subscription commitments of 12.6 billion ISK. Restricted to professional investors.
• Institutional Asset Management (Eignastýring) Customized discretionary asset management service for pension funds, insurance companies, and other institutional investors. Manages segregated portfolios against predefined investment strategies, objectives, and limits developed in close consultation with clients. Includes the firm's largest mandate, the VÍS tryggingar investment portfolio.
• Digital Fund Subscription Platform (verðbréfavefur / ebank.iv.is) Electronic platform enabling investors to subscribe to funds and manage securities portfolios (vörslusafn). Available to retail investors who establish a securities custody account through the Fossar channel partner or directly.

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

Partnerships

One partnership is on record.

• Fossar fjárfestingarbankicoreChannel Partner/ Reseller/ Distributor · 31 March 2025Fossar fjárfestingarbanki is the primary sales distributor for Íslensk verðbréf funds. They also manage customer securities portfolios (vörslusafn) required for fund trading. Additionally, the company manages assets for customers who have made asset management agreements with Fossar fjárfestingarbanki.

Scale indicators3 records

Recent moves12 records

Expansion highlights5 records

Regional players

• Nordea Asset Management: Large Nordic asset manager with broad multi-asset and institutional offerings. Relevant as a regional scale benchmark; competes less directly with ÍV in the Icelandic retail channel but is an alternative for Nordic institutional mandates.
• Carnegie Asset Management: Nordic asset and wealth manager with institutional portfolio management capabilities. Useful comparator for institutional pricing, performance fee structures, and Nordic institutional distribution models.

Direct peers

• Stefnir hf. Iceland's largest independent asset manager, operating equity, fixed-income, balanced, and alternative funds for retail and institutional clients. ÍV's senior team includes multiple former Stefnir portfolio managers, and the firms compete head-to-head for Icelandic institutional mandates and retail flow.
• Arion Bank Asset Management: Asset management unit of Arion banki hf., managing Icelandic retail and institutional portfolios. Competes for institutional mandates and retail fund distribution on a single-country basis identical to ÍV.
• Kviku eignastýring hf. Asset management arm of Kvika banki group, offering retail funds and discretionary institutional asset management in Iceland. Direct competitor across multi-asset and credit strategies, and prior employer of several ÍV senior managers.
• Íslandsbanki Asset Management: Fund management business within Íslandsbanki, offering securities funds and discretionary asset management to Icelandic retail and institutional clients. Direct competitor in the same domestic market.
• GAMMA Capital Management: Icelandic asset and wealth management firm offering multi-asset portfolios and advisory services to institutional and private clients. Comparable boutique Icelandic manager with overlapping institutional client base.
• Landsbréf (Landsbankinn): Asset management division of Landsbankinn, providing retail mutual funds and institutional portfolio management in Iceland. Overlaps directly with ÍV on equity, fixed-income, and balanced products serving Icelandic households and pension funds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries10 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 Íslensk verðbréf