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The last two years have been hot in the capital markets where well over 100 new companies have flocked to the Oslo Stock Exchange, and especially the Euronext Growth marketplace. ABG Sundal Collier has been among the most active brokerage houses in the Norwegian capital markets these years.
For ABG, this has meant record high revenues and record high results, and it dips further downwards on the group management in the brokerage house.
The recent annual report, presented on Thursday, shows that five of the top members of ABG Sundal Collier’s group management earned a total of NOK 118 million last year in fixed salary and variable compensation, also called bonuses.
Strong jump in fixed salary
The two who earned by far the most were head of ABG Sundal Collier in Norway, Peter Straume, and his colleague Are Andersen, who is head of the investment banking business area. Both had a fixed salary of ten million kroner, and at the same time were paid bonuses of 18.9 million kroner.
In other words: Straume and Andersen each had a total compensation of around NOK 29 million last year.
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In comparison, Kjerstin Braathen, head of Norway’s largest bank DNB, had a total compensation of NOK 15 million last year.
For Straume and Andersen, last year marked a sharp jump in wages from the previous year. Then they both had a fixed salary of six million kroner and a bonus of over 11 million kroner.
Top manager of ABG Sundal Collier, Swedish Jonas Ström, had a fixed salary of ten million kroner and about the same in bonus. On top of salaries and bonuses, the ABG tops are also well invested in their own company with shares that rose sharply in value during the record year 2021. At the end of last year, investment banking manager Are Andersen was the one with the most shares, around 3.7 million. Today, these shares are worth around NOK 32 million.
Record year
That salaries and bonuses are rising is perhaps not surprising.
ABG Sundal Collier earned a record amount of money last year and has during the last two years’ stock market rush been among the more prominent players in connection with stock exchange listings and other transactions. In addition to having assisted several handfuls of Norwegian companies, the brokerage also has extensive operations, especially in Sweden, but also Denmark, as well as sales offices in Frankfurt, London, New York and Singapore.
The brokerage has, among other things, assisted in the listing of the board manufacturer Elopak, Nordax’s of Bank Norwegian and been central in several billion transactions in the IT company Crayon.
ABG Sundal Collier had revenues totaling NOK 2.9 billion in 2021, up from NOK 1.9 billion the year before. Profit before tax increased from NOK 621 million to just over NOK 1 billion.
– We are very pleased to have managed to implement a result like this through the pandemic, with all the challenges it has entailed for our employees. It was very good in Norway, but perhaps especially good in Sweden, the brokerage’s Norwegian manager Peter Straume told DN when the company presented fourth quarter figures in February and celebrated 20 years after the merger of Norwegian Sundal Collier and Swedish ABG Securities. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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