Saxo Bank directors take over property arm

Saxo Bank’s managing directors Eric Rylberg and Karsten Poulsen have bought Saxo Properties in a management buy-out.

Rylberg and Poulsen have spent almost four-and-a-half years at Saxo Bank and will now take over the property arm, which manages DKK 3.5 bn (EUR 469 mln) of assets.

'We believe in the potential of the property market, and believe that the structured approach to acquisitions and development that Saxo Properties has established will show great long-term opportunities,' said Rylberg and Poulsen in a statement.

Saxo Properties will change its name after the acquisition but will maintain its management, led by Jesper Damborg and Claus Klostermann.

The founders and CEOs of Saxo Bank, Kim Fournais and Lars Seier Christensen, said the deal is in line with Saxo Bank's stronger focus on its core competencies. 'The management buy-out of Saxo Properties was a natural step to take,' they said.