AMWatch

Norwegian FX trader shuts down business after 12 years

Conscendo Asset Management closes for business due to low exchange rates for the Norwegian currency in recent years.

Photo: rawpixel.com

Norwegian FX trading company Conscendo Asset Management has decided to close down after investors have continued to pull out deposits.

According to Norwegian business daily Dagens Næringsliv, Conscendo managed assets totaling EUR 34m back in 2012. In 2017, AUM was down to EUR 6.6m and last year, everything was gone.

"We had too little money which made operations too expensive," company Co-founder Lars Eyolf Kvamsø explains to Dagens Næringsliv.

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