Group
ICECAPITAL is an independent, fully employee-owned Nordic group with a focus on investment banking and asset management. The Group employs over 30 professionals in Helsinki and Stockholm.
Investment banking, established in 1999, advises clients in mergers and acquisitions, debt advisory, growth financing and capital markets, as well as in assignments related to valuations and shareholder value. ICECAPITAL is one of the leading advisors in energy-, infrastructure-, and TMT-sectors.
ICECAPITAL Asset Management serves the most demanding Finnish and Nordic professional investors. We provide our clients with a wide and diverse range of asset classes. Our clients are at the core of everything we do. We offer access to carefully selected and diligently managed investment products, with the aim of creating long-term and sustainable value regardless of market cycles.
Board of Directors
Jan Waselius
Chairman of the Board
Born: 1944
Education: Master of Laws (trained on the bench), Barrister
Main occupation: Partner in Waselius Attorneys Ltd
Member of the Board since 1999
Shareholdings in the company: no shares
Ari Lahti
Managing Director
Born: 1963
Education: Lic. (Pol. Sc.)
Main occupation: Managing Director of ICECAPITAL Securities Ltd
Member of the Board since 1999
Shareholdings in the company through controlled entities: 1 000 A shares and 1 789 B shares
Marko Luoma
Born: 1971
Education: MSc (Econ.)
Main occupation: Shareholder of ICECAPITAL Securities Ltd
Member of the Board since 1999
Shareholdings in the company through controlled entities: 1 296 B shares
Kimmo Kottila
Born: 1969
Education: MSc (Eng.)
Main occupation: Shareholder of ICECAPITAL Securities Ltd
Member of the Board since 1999
Shareholdings in the company through controlled entities: 929 B shares
Hannu Tarkkonen
Born: 1950
Education: Vocational Qualification in Business and Administration
Member of the Board since 2014
Shareholdings in the company: no shares
Erkki Moisander
Born: 1953
Education: Master of Economic Sciences
Member of the Board since 2020
Shareholdings in the company: no shares
Corporate Governance
General Meeting
In each Group company, the General Meeting has the highest decision-making power. The General Meeting convenes at least once a year in an Annual General Meeting and where necessary, so as to decide on the matters for which it is responsible as per the Limited Liability Companies Act, sector-specific legislation and the Articles of Association.
Board of Directors
In each Group company, the Board of Directors performs the duties for which it is responsible as per the Limited Liability Companies Act and sector-specific legislation.
The parent company’s Board of Directors sees to the reliable organisation of the entire Group’s governance. It confirms the general principles for the organisation of the operations and risk management, as well as ensuring regularly that the principles are complied with and that they guide the operations as intended. The parent company’s Board approves the instructions and regulations to be applied within the Group, supervises the Group’s operations and management and decides on any significant matters concerning the Group’s strategy, investments, organisation, financing, risk management and capital adequacy. The Board of the authorised ICECAPITAL Asset Management Ltd approves the company’s internal instructions and regulations.
In accordance with the principles approved by the parent company’s Board, diversity will be promoted by finding Board members – in addition to the partners agreed on in the shareholder agreement – who have wide-ranging experience and whose skills complement the competence of those employed by the company. When Board members change, attention will also be paid to equal gender representation in order to find the best possible Board composition.
The Board of Directors performs an assessment of its composition, work and the work of its members every year.
The Group has taken out liability insurance on behalf of the Board of Directors and all parties that exercise decision-making power within the Group.
Remuneration
The Board of ICECAPITAL Securities decides on the bonus and incentive scheme for the Group’s management and employees, and also approves the bonus and incentive scheme for ICECAPITAL Asset Management Ltd, which must comply with the Act on Alternative Investment Fund Managers and under which variable remuneration may not exceed EUR 50,000. The Board has approved the guidelines for the bonus and incentive scheme for ICECAPITAL Securities. Bonuses and incentives paid according to these guidelines are based on both operating income and personal performance. Potential risks, the company’s liquidity and, where applicable, the need for recapitalisation are taken into account when paying bonuses and incentives. The parent company’s Board of Directors decides on bonuses and incentives based upon the managing director’s proposal. Under the reward scheme, bonuses are also affected by the consideration of sustainability risks. Remuneration is not tied to the fulfilment of specific ESG criteria.
According to the Regulation on Prudential Requirements for Investment Firms (EU 2019/2033), ICECAPITAL Securities belongs to the group of small investment service companies without interconnections, which are not subject to the requirement of paying variable remuneration in a form other than money, or regulation concerning the deferral of remuneration.
Before the entry into force of the Regulation on prudential requirements for investment firms, ICECAPITAL Securities complied with the rules and regulations concerning variable remuneration. In the payment of variable remuneration exceeding EUR 50,000, rules stipulating a deferral period and payment in instruments, according to which the company had the right and obligation, on specific grounds and in compliance with rules for the retention period, to cancel the variable remuneration either in full or in part, were complied with. If the amount of variable remuneration exceeded EUR 50,000 in a year, 40 per cent of the variable remuneration was deferred to be paid over the next three years. If the amount of variable remuneration exceeded the annual salary, 60 per cent of the variable remuneration was deferred to be paid over the next three years.
The salaries and fees paid to the Board of Directors and managing director of ICECAPITAL Securities Ltd in 2024 totalled EUR 572,463 (6 people), of which variable remuneration accounted for EUR 118,250 (3 people). The salaries and fees paid to other employees (people whose professional activity has a material impact on the risk position) in 2024 totalled EUR 1,743,711 (17 people), of which variable remuneration accounted for EUR 218,750 (15 people).
Unpaid deferred remuneration in accordance with previous remuneration rules and regulations, for which no right of ownership had yet arisen, were paid in full during the review period and their amount was EUR 0 at the end of the review period.
Board members who are employed by the ICECAPITAL Group are not separately remunerated for their work on the Board.
External Audit
The Group companies’ auditor must be a public accountant or auditing firm authorised by Finland Chamber of Commerce. According to the Articles of Association, the auditor is to be elected by the Annual General Meetingr. The auditor’s term expires at the Annual General Meeting that follows the election. In addition to preparing the annual auditor’s report, the auditors report their observations to the Board of Directors.
The company’s auditor is accounting firm PricewaterhouseCoopers Oy, with Authorised Public Accountant Martin Grandell as the auditor in charge. The auditors’ fees are paid as invoiced.
Managing Director
Each Group company’s managing director is responsible for operational business. The managing director is tasked with implementing the decisions of the Board of Directors and organising operations in an optimal manner for the Group company.
The managing director’s duties include preparing proposals to the Board of Directors, implementing risk management in accordance with the principles decided by the Board, organising internal control and the compliance function in practice, managing operational business and organising governance, monitoring solvency, overseeing the company’s operations and key persons as well as preparing internal guidelines and monitoring their adequacy and effectiveness. The Group has taken out liability insurance on behalf of the managing director.
Partner Meeting
The partner meeting serves as a strategic and operational steering group to assist the Group’s managing director and strengthens the Group’s management culture based on partner ownership. The partner meeting is attended by all of the parent company’s partners and it is held, on average, three times a year.
Business Areas
The ICECAPITAL Group has two business areas: investment banking and private equity fund operations.
The parent company of the ICECAPITAL Group is ICECAPITAL Securities Ltd, which engages in investment banking operations. ICECAPITAL Securities (Sweden) AB provides corporate finance advisory services in Sweden. ICECAPITAL Asset Management Ltd is the authorised manager of alternative investment funds in the private equity fund business. ICECAPITAL Real Estate Asset Management RPF I Oy, ICECAPITAL Real Estate Asset Management V Oy, ICECAPITAL Real Estate Asset Management Oy, ICECAPITAL Real Estate Asset Management RPF II Oy and ICECAPITAL Real Estate Asset Management VI Oy are general partners of ICECAPTAL’s Finnish alternative investment funds which are limited partnerships.
Insiders
The ICECAPITAL Group maintains insider registers as required by law and the Financial Supervisory Authority. A public insider register for all insiders that are required to provide information by law is maintained in the Sire system, which is maintained by Euroclear Finland Ltd. A project-specific register is established for assignments related to information that affects the value of the securities of a listed company.
Risk Management
Principles of Risk Management
Risk management aims to identify threats that may affect the implementation of the Group’s strategy or jeopardise the achievement of the capital adequacy or profitability targets. The objective of risk management is to minimise the probability of unexpected monetary losses and realisation of reputational risk. The parent company’s Board of Directors has confirmed the company’s risk management policy and supervises risk management.
The organisational structure is flat, and each employee has one of the company’s partners as his or her superior. Thus, risk management is the responsibility of each employee, and each employee must understand the risks related to his or her duties and try to minimise them.
Together with other compliance officers, the Group’s General Counsel ensures that the Group operates in compliance with legislation and official regulations. The Group has a risk management function which prepares matters related to risk management and reports them to the parent company’s Board of Directors. The Board provides risk management guidelines in internal instructions upon request by the Group’s risk management function. Compliance with the instructions is monitored through inspections carried out according to the relevant rules and regulations.
The Group’s business is not deliberately exposed to market, credit or counterparty risks. Instead, the company’s operations in its key business areas (investment banking and private equity funds) are fee-based. The company also has a low risk exposure when investing its own assets.
The most significant risks for the ICECAPITAL Group are presented in the following:
Credit Risk
Realisation of a credit risk means that a counterparty has failed to fulfil its contractual financial obligations. The Group’s counterparties include partners and customers who purchase its services. The impact of credit risk on the company’s own assets is minor as the Group’s customers are solvent and have a well-established position.
Market Risks
Market risks arise from fluctuations in the equity, fixed-income, real estate and currency markets and their impact on the Group’s results. The impact on the ICECAPITAL Group is fairly minor due to the investment policy applied by the company. The company’s assets have been invested with moderation and a long-term investment span.
Liquidity Risk
Liquidity risk refers to a situation in which the company’s cash and cash equivalents are insufficient and no additional financing is available. The ICECAPITAL Group is highly solvent. The bulk of the Group’s assets is held in bank deposits and in short-term fixed-income funds. In addition, the Group’s outward cash flows are steady and predictable, so it is possible to prepare well for liquidity needs, and liquidity risk is not a significant risk for the Group.
Operational Risks and Reputational Risk
If they materialise, operational risks cause damage as a result of inadequate or incorrect routines, processes or conduct, or through unexpected external events. Operational risks also include legal risks, such as invalidity of contracts already signed and damage caused by incomplete documentation or violation of laws or official regulations. The Group’s expenses from operational risks have been low to date.
Operational risks are monitored continuously, and the actual risks are reported. The business units are responsible for managing the operational risks of their own area. The results of the self-assessment of operational risks carried out by the units are used as a basis when trying to prevent operational risks. Efforts are made to reduce the risks observed by developing internal instructions and processes, training personnel and auditing operations. In addition, the ICECAPITAL Group has insurance to cover damage caused by mistakes, misconduct and criminal activity. Contingency planning keeps the Group prepared for any major interference in operations.
One of the most significant types of damage caused by operational risks could be reputational risk concerning the Group. Operating in the financial markets requires the absolute trust of customers and partners, and the realisation of reputational risk could have a detrimental effect on the Group’s business. In order to avoid the risk, ICECAPITAL monitors and follows the legislation concerning its operations and good market practice and strives to continuously develop its procedures.
Strategic Risk and Business Risk
If they materialise, operational risks cause damage as a result of inadequate or incorrect routines, processes or conduct, or through unexpected external events. Operational risks also include legal risks, such as invalidity of contracts already signed and damage caused by incomplete documentation or violation of laws or official regulations. The Group’s expenses from operational risks have been low to date.
Operational risks are monitored continuously, and the actual risks are reported. The business units are responsible for managing the operational risks of their own area. The results of the self-assessment of operational risks carried out by the units are used as a basis when trying to prevent operational risks. Efforts are made to reduce the risks observed by developing internal instructions and processes, training personnel and auditing operations. In addition, the ICECAPITAL Group has insurance to cover damage caused by mistakes, misconduct and criminal activity. Contingency planning keeps the Group prepared for any major interference in operations.
One of the most significant types of damage caused by operational risks could be reputational risk concerning the Group. Operating in the financial markets requires the absolute trust of customers and partners, and the realisation of reputational risk could have a detrimental effect on the Group’s business. In order to avoid the risk, ICECAPITAL monitors and follows the legislation concerning its operations and good market practice and strives to continuously develop its procedures.
International Risks
The amount of assets tied up in ICECAPITAL Securities (Sweden) AB, which provides Corporate Finance advisory services in Sweden, is reasonable in view of the Group´s solvency and will not jeopardise the continuity of operations.
Capital Adequacy
According to the EU Regulation (EU 2019/2033) and Directive (EU 2019/2034) on Prudential Requirements of Investment Firms, ICECAPITAL Securities belongs to the category of small investment service companies without interconnections, and its own funds requirement is determined on the basis of fixed overheads. Own funds must amount to at least one-quarter of the fixed overheads of the previous year.
On 31 December 2024, ICECAPITAL Securities Ltd’s requirement for own funds based on fixed overhead expenses was EUR 798,323 and its own funds totalled EUR 3,231,583
ICECAPITAL has drawn up an equity plan in accordance with the capital adequacy regulations, which describes the risk-based capital needs, sufficiency of capital and solvency. The Group aims to maintain a capital adequacy ratio at least 1.5 times that required.
Terms of Use
General terms and conditions pertaining to the use of the ICECAPITAL Group’s website
This page presents the general terms and conditions pertaining to the use of the ICECAPITAL Group’s website. Visiting this website means that you agree to be bound by the terms and conditions stated here. Therefore, we ask you to read the terms and conditions carefully. In addition to these general terms and conditions of use, the services on the website may also include other terms and conditions presented in connection with the relevant service. For example, the terms and conditions of investment funds are presented in the fund brochure.
Service providers
Additional information on the ICECAPITAL Group and the companies belonging to it (hereafter ICECAPITAL) as well as the contact information of each of these companies can be found on this website.
The contact information of other service providers can be found on the website in connection with the relevant services.
This website may contain errors
ICECAPITAL strives to provide reliable information on its website. However, we cannot guarantee that the website will not malfunction or contain erroneous information. ICECAPITAL is not responsible for any direct or indirect damages caused by errors or deficiencies that the website may contain. This also applies when we have been informed of the error on the website.
The responsibility for investment results always lies with the customer
According to the law, offering most investments to the public requires the publication of an official sales or fund brochure. Investment advice also requires knowledge of the customer’s personal financial situation. The information presented on this website cannot be considered as an offer to sell or purchase investments, as investment advice or as any other form of encouragement to carry out a business transaction, unless otherwise expressly stated on the page. However, the website can be used to give general advice on investments and investment-related taxation. ICECAPITAL is not responsible for the applicability, financial result, investment risks and tax effect of the transactions carried out based on advice given.
The responsibility for investment results always lies with the customer
The historical development of investment funds or other investments is not a guarantee of how their value will develop in the future. The value of nearly all investments may decrease in unfavourable market conditions and the value of the riskiest investments may decrease significantly. The investment options offered by ICECAPITAL are not equivalent to bank deposits and are not covered by any deposit-guarantee scheme. The investor always bears the responsibility for the result, including possible losses, of his or her investment operations.
We provide services in Finland
In many countries, the marketing of investment products is restricted or requires a separate licence from the authorities of the country in question. This website and the information, products and services contained on it are exclusively intended for Finland, unless otherwise expressly stated on the website. The website is not intended for countries where it is not allowed to provide the products or services presented on it. For example, as regards investment funds, this website is only intended for countries where the fund in question can be legally marketed.
Links to websites of other service providerse
This website may contain links to websites of other service providers. Obviously, we are in no way responsible for information, products or services presented on websites maintained by others.
Telephone calls and emails
All telephone conversations with ICECAPITAL may be recorded.
The confidentiality of emails sent via the internet cannot be guaranteed and, at least in theory, emails may be intercepted or counterfeited. If the leakage of confidential information is likely to cause significant damage to the sender, the sender must consider sending the information by means other than email. The message may also fail to arrive at its destination due to a spam filter, for example, or it may remain unnoticed amongst a large number of other messages. ICECAPITAL is not obliged to implement commissions or other service requests received via email, unless it has confirmed receipt of the commission. Subject to the customer’s consent, ICECAPITAL has the right to send information to the customer by email. ICECAPITAL is not responsible for damages that may occur due to sent messages.
Copyright and other rights of our website
The property right, copyright and all other incorporeal rights of this website belong to the companies of the ICECAPITAL Group or to another separately specified party. Copying (wholly or partially), publishing, saving or transferring the content of the website without ICECAPITAL’s consent is forbidden. However, this does not apply when the content is copied, saved and printed for personal use. The material may only be quoted in compliance with Finnish copyright law and the source must always be specified. Unless otherwise stated by law, using trademarks and logos without the advance written consent of ICECAPITAL is forbidden.
Applicable law and forum
In addition to these terms and conditions, Finnish law shall be applied to the use of this website even if the website is used from another country. All disputes related to this website or these terms and conditions that cannot be resolved through negotiation shall be settled by the Helsinki District Court.
IMPORTANT INFORMATION FOR UNITED STATES RESIDENTS
By laws of the United States of America, investment services provided to US residents (even when temporarily abroad) are restricted to only those service providers that are licensed by US authorities and are under supervision of them. ICECAPITAL does not operate in the US and thus is not under supervision of any US authority. Therefore, United States residents and entities may not purchase any mutual funds or any other products or services of ICECAPITAL. Material on this site shall not constitute an offer to provide or solicitation of any offer to purchase or sell any products or services of ICECAPITAL. Mutual funds and other products or services of ICECAPITAL are not intended for residents in the US or residents in other countries who are temporarily present in the US, or any entity organized or existing under the laws of the US or of any state, territory, or possession thereof, or any estate or trust which is subject to US tax regulations.