Auður Capital was a
financial service
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...
company, founded in 2007 by two
Iceland
Iceland ( is, Ísland; ) is a Nordic island country in the North Atlantic Ocean and in the Arctic Ocean. Iceland is the most sparsely populated country in Europe. Iceland's capital and largest city is Reykjavík, which (along with its s ...
ic businesswomen, with the aim of incorporating feminine values into finance.
Halla Tómasdóttir
Halla Tómasdóttir (born 11 October 1968) is an Icelandic business person and public speaker. She is a former member of the founding team of Reykjavík University in 1998. Halla also co-founded Auður Capital, an investment firm.
Halla announc ...
was Auður's executive chairman and Kristín Pétursdóttir was the company CEO.
The company offered wealth management, private equity advice and corporate advice. It attempted to correct what it perceived as a historic lack of balance and diversity in the financial sector. The founders blamed the 2007 financial downturn on high-risk behavior, short-term orientation and a narrow definition of results which had driven the financial sector for the past years.
Auður succeeded in preserving the funds of its clients when the Icelandic banks collapsed in October 2008.
In December 2008 Auður announced the launching of BJÖRK, a
private equity fund, established by Auður Capital and the renowned musician
Björk Guðmundsdóttir, who is an active supporter of entrepreneurship, creative thinking and increased diversity in the Icelandic economy.
The aim of the BJÖRK venture fund was to invest in early-stage corporations, with high growth potential capitalizing on Iceland's human and/or natural resources, as well as emphasizing sustainability and a triple bottom line.
Auður received significant international attention. The Auður story has been featured by the BBC, New York Magazine, The Guardian, and The Financial Times, among others. Halla Tomasdóttir spoke at the 2010 TED Women's Conference on her financial philosophy.
[http://www.ted.com/talks/halla_tomasdottir.html TED, November 18, 2013]
Merger in 2014
Auður Capital started its operations in 2007 and merged with the financial services firm Virðing in January 2014. The merged company operates under the name Virðing.
The Icelandic Competition Authority authorized the merger at the end of 2013 as well as the Icelandic Financial Supervisory Authority in January 2014.
[http://www.fme.is/utgefid-efni/frettir-og-tilkynningar/frettir/nr/2011 FSA, January 22, 2014.]
Virðing owns the Auður Capital brand and operates several private equity funds using the "Auður" name.
References
External links
Virðing website
Financial services companies of Iceland