We are excited to announce that Permian Business Partner has been named a Gazelle Company for 2024 by Dagens Næringsliv. This recognition is based on meeting several criteria, including achieving profitability and doubling our turnover over the past four years.  Being included on the Gazelle list is an acknowledgment of our growth and the consistent efforts of our team. We are proud of this achievement and deeply appreciate the trust and support of our clients and partners, who have been vital to our progress.

At Permian, our Fund Administration team works behind the scenes to ensure seamless operations for our clients. By managing the backbone of fund operations, we enable fund managers to focus on what they do best. Our team delivers a comprehensive suite of services, including investor and FSA reporting, liquidity management and forecasting where investor calls and distributions are important tasks, investor onboarding where we offer a fully outsourced KYC solution, handling of subscription forms for underlying investments, and coordinating with external advisors when there are several parties involved. In short, we take care of the details so our clients can stay focused on their priorities.

On 13 June 2024, the European Parliament and the Council of the European Union signed the Artificial Intelligence Act ( Regulation (EU) 2024/1689 ) (the “AI Act”). The AI Act provides developers and deployers of AI with obligations regarding the use of AI. The law will apply in EU from 2 August 2026 and work is underway to facilitate rapid implementation in Norway.

At Permian Sweden, everything begins with exceptional fund accounting! We’re proud to have a dedicated team of 20 fund accountants who bring a wide range of expertise, experience, and a strong commitment to delivering an accurate and precise product. Their work is essential in managing our fund accounting and payroll processes, ensuring that we meet the highest standards of accuracy and compliance. We’ve seen firsthand how fundamental accounting missteps can disrupt operations, leading to errors in investor reporting, inaccurate IRR and waterfall calculations, and mistakes in investor payments. At Permian Sweden, we are committed to avoiding these pitfalls by building a strong foundation of precision and accountability in all aspects of our work.

The Digital Operational Resilience Act ( Regulation (EU) 2022/2554 ) , aims to address the increasing reliance on Information and Communication Technology (ICT) in the financial sector and its associated risks. The regulation will apply as of 17 January 2025 in the EU and is expected to be adopted in Norway where timeline is unclear. AIFMs and other affected financial entities should start their preparations.

Permian is excited to announce a series of well-deserved promotions within its Fund Accounting and Fund Administration teams. These advancements not only reflect the remarkable individual achievements of our team members but also underscore Permian’s ongoing commitment to growth, excellence, and innovation in the fund administration sector. The following colleagues are recognized for their well-earned promotions:

Permian is thrilled to announce the promotion of Fredric Olsson and Christian Mannesson to Director positions, further strengthening the leadership team and reinforcing a commitment to excellence. Fredric will assume the role as Technical Director within Fund operations, while Christian takes on the position of Director within Fund administration.

Permian is excited to announce the opening of its new, larger office in Oslo, a reflection of the company's continued growth and success. With over 100 employees working across Oslo and Stockholm, the move allows Permian to better support its expanding team and growing client base in the Nordic region.

This update concerns the Norwegian implementation of the PRIIPs Act.