Hagströmer & Qviberg
Encyclopedia
HQ AB is a Swedish
finance
and banking corporation founded by Sven Hagströmer
and Mats Qviberg
, and which is currently being liquidated
after having had its banking licence revoked on August 28, 2010.
In early 2010, HQ Bank closed down its trading activities, and realised a loss of 1.23 billion SEK
in its trading portfolio. Losses were primarily related to the bank's derivatives
trading, and since they vastly exceeded the bank's estimate of their portfolio's market risk (33 million SEK as of March 2010), this caught the attention of the Financial Supervisory Authority.
The Financial Supervisory Authority in Sweden revoked HQ's banking licence on 28 August 2010, citing “major deficiencies” in trading operations, and on 30 August applied to Stockholm district court to have the bank to be forced into liquidation
. On the same day, the court appointed a liquidator.
On 3 September, Carnegie Investment Bank
bought HQ Bank for 268 million SEK.
n based mutual fund is one of the best performing on the Swedish market.
is the Chief Executive Officer
of the company and Mats Qviberg is Chairman of the Board of Directors
.
Investment AB Öresund
, controlled by Qviberg and Sven Hagströmer, is the largest individual shareholder with close to 24% of the shares. Mats Qviberg owns 5% and Hagströmer owns roughly 2%. The company is effectively controlled by them.
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
and banking corporation founded by Sven Hagströmer
Sven Hagströmer
Sven Johan Gösta Barthen Hagströmer is a Swedish financier and businessman. Together with his business partner Mats Qviberg, he controls a group of companies including HQ Bank, Avanza Bank and Investment AB Öresund....
and Mats Qviberg
Mats Qviberg
Mats Qviberg is a Swedish businessman. Together with his close business partner Sven Hagströmer, Qviberg is in control of a group companies which, among others, include Hagströmer & Qviberg and Investment AB Öresund....
, and which is currently being liquidated
Liquidation
In law, liquidation is the process by which a company is brought to an end, and the assets and property of the company redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation...
after having had its banking licence revoked on August 28, 2010.
History
Sven Hagströmer started a finance company in 1981, which became Hagströmer & Qviberg in 1990 when Mats Qviberg joined the company as a partner to Hagströmer.In early 2010, HQ Bank closed down its trading activities, and realised a loss of 1.23 billion SEK
Swedish krona
The krona has been the currency of Sweden since 1873. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it, but especially in the past, it sometimes preceded the value...
in its trading portfolio. Losses were primarily related to the bank's derivatives
Derivative (finance)
A derivative instrument is a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.Under U.S...
trading, and since they vastly exceeded the bank's estimate of their portfolio's market risk (33 million SEK as of March 2010), this caught the attention of the Financial Supervisory Authority.
The Financial Supervisory Authority in Sweden revoked HQ's banking licence on 28 August 2010, citing “major deficiencies” in trading operations, and on 30 August applied to Stockholm district court to have the bank to be forced into liquidation
Liquidation
In law, liquidation is the process by which a company is brought to an end, and the assets and property of the company redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation...
. On the same day, the court appointed a liquidator.
On 3 September, Carnegie Investment Bank
Carnegie Investment Bank
Carnegie Investment Bank AB is a Swedish financial services group with activities in securities brokerage, investment banking and private banking....
bought HQ Bank for 268 million SEK.
Organisation
HQ maintains division handling private banking for wealthy individuals, investment banking and mutual funds. Under 2006 it has started to market itself as HQ Bank, symbolising a shift towards banking away from its traditional finance-oriented operation. Its RussiaRussia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
n based mutual fund is one of the best performing on the Swedish market.
Management and Ownership
Patrik EnbladPatrik Enblad
' is a Swedish businessman and the current Chief Executive Officer of investment bank Hagströmer & Qviberg. Through that position he is an important player in the group of companies connected to business partners Mats Qviberg and Sven Hagströmer. currently owns roughly 1.5 % of Hagströmer &...
is the Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the company and Mats Qviberg is Chairman of the Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
.
Investment AB Öresund
Investment AB Öresund
Investment AB Öresund is a Swedish investment company controlled by Mats Qviberg and Sven Hagströmer.-History:The original company was founded in 1890 as Sjöförsäkringsaktiebolaget Öresund. In 1956 the company was reorganised and AB Sjö-Öresund became the main company in a group of insurance...
, controlled by Qviberg and Sven Hagströmer, is the largest individual shareholder with close to 24% of the shares. Mats Qviberg owns 5% and Hagströmer owns roughly 2%. The company is effectively controlled by them.