A group of industry veterans have launched Sofia Alternatives, a structured products boutique, in Finland. Senior individuals include Niklas Åkerfelt, the former head of Nordic public distribution at Royal Bank of Scotland, who is deputy chief executive of the new firm.
Christer Schoultz, who was formerly responsible for the international alternative investments business at FIM (Glitnir), is chief executive of the new outfit. Schoultz has also previously held roles with Svenska Handelsbanken and Nordbank. He heads a team based in Helsinki.
Sofia Bank has a minority stake in the company and will at first be the firm's main client for distribution purposes. The investments on offer will include capital and non-capital protected notes, leveraged products and a variety of different certificates.
Sofia Alternatives will focus on retail clients in Finland, says Åkerfelt, although it will also look at high-net-worth, institutional and corporate clients. Ultimately the plan is to expand distribution across the Nordic region. The first product is due to be launched next month, adds Åkerfelt.
See Structured Products November for the full story