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Billionaire Fredriksen builds investment team with new star hire

Billionaire John Fredriksen recruited another high-profile fund manager as he builds an investment team that will scout for opportunities outside the shipping and oil industries that made his fortune.

Fredriksen’s Seatankers Group hired Vegard Soraunet, the former chief investment officer of Norwegian asset manager Odin Forvaltning, according to a statement on Thursday. | Photo: Odin/PR

Fredriksen’s Seatankers Group hired Vegard Soraunet, the former chief investment officer of Norwegian asset manager Odin Forvaltning, according to a statement on Thursday.

Less than a week ago, the firm said it hired hedge-fund manager Tor Svelland as chief executive. Soraunet was brought in to focus on “long-term and active ownership outside the shipping and offshore markets,” Seatankers said. The firm also intends to open up for external capital, it said.

“Vegard has shown through his work at Odin that he is one of the leading portfolio managers in the Nordic region,” Svelland said in the statement. “He is very analytical, knows risk management and has very good knowledge of  ompanies outside the commodity and shipping markets, which will be important for Seatankers in the future.”
Soraunet joined on Tuesday, and will now set up an investment team.

Seatankers manages Fredriksen’s stakes in Oslo-listed companies such as struggling offshore rig operator Seadrill
Ltd., tanker company Frontline Ltd. and salmon farmer Mowi ASA. When announcing Svelland’s appointment, the firm said that many of the industries it’s exposed to are facing “extremely trying times.”

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