It’s a hot time for MBO’s. After last week’s MBO of LMAX from Betfair, Saxo Bank has announced that it has sold its Saxo Properties unit to Chief Operating Director Eric Rylberg and his Deputy Karsten Poulsen. The two arrived at Saxo Bank at 2008 and will be leaving the bank to manage Saxo Properties full time. Saxo Properties was a fully owned unit of Saxo Bank that was part of its Saxo Asset Management unit. The Properties division focused on acquiring residential and business space in Copenhagen with the goal of folding it into closed-end funds which were marketed to institutional and high-net worth customers.
Commenting on the MBO, Saxo Founder Kim Fournais and CEO Lars Seier Christensen said in a joint statement “Eric’s and Karsten’s tasks are completed. It is therefore positive that Eric and Karsten showed the desire to grow and develop Saxo Properties under their ownership. We wish them the best of luck in the future and thank them for the excellent cooperation during the last four and a half years at Saxo Bank.”
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The division is reportedly managing a 3.5 billion krone ($617 million) portfolio that was built up in the last two years. Saxo Properties is expected to apply a name change going forward. No monetary details of the deal were released.
The co-CEOs Kim and Lars will assume more responsibilities and manage the business more closely, which considering the tough business environment in the forex market seems like a good decision.