ALMC hf
ALMC hf, formerly Straumur Investment Bank, was an Icelandic regional investment bank reshaped by the country's 2008–2011 financial crisis.
Last updated August 31, 2026
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Overview
ALMC hf is the corporate successor to an Icelandic investment business founded in 1986 as Hlutabréfasjóðurinn hf., an equity fund intended to encourage individual investment in Icelandic shares. The organization evolved from an investment fund into an investment company and, after obtaining a credit undertaking licence in 2004, expanded into brokerage, debt finance, corporate finance and related banking activities. It adopted the Straumur name during this transformation and strengthened its position through a 2005 merger with Burðarás, becoming one of Iceland's largest investment banks. Before the Icelandic banking system collapsed in 2008, the business was commonly known as Straumur-Burdarás and operated as a substantial cross-border financial group. It built a presence in markets including the United Kingdom, Denmark, Sweden, Finland and the Czech Republic, and pursued minority and controlling investments in specialist financial institutions and investment houses. Its acquisitions included Stamford Partners in London and Amsterdam, Finland's eQ Bank and the Central and Eastern European investment house WOOD & Company. At its peak before the crisis, the group was described as Iceland's largest pure investment bank, with approximately EUR 7 billion in assets and about 500 employees, although those figures relate to the pre-crisis Straumur-Burdarás business rather than necessarily to ALMC after restructuring. The bank initially remained independent during the first phase of the late-2008 turmoil, but the Icelandic Financial Supervisory Authority assumed control on 9 March 2009. A resolution committee replaced the board's authority, and Straumur was closed later that month. The intervention formed part of the wider restructuring of Iceland's financial system, in which the country's major banks faced severe liquidity and solvency pressures. During the restructuring, the institution's creditors approved a composition in summer 2010, reportedly with more than 99 percent support. The reorganized entity was rebranded ALMC and became creditor-owned, with ownership dominated by international investors and financial institutions rather than the Icelandic state. The composition also supported the establishment of a new Straumur Investment Bank. In summer 2011, Straumur became the first post-crisis entity in Iceland to receive a banking licence, marking a transition from resolution toward a rebuilt banking platform. ALMC was also involved in the ownership transition of West Ham United. The bank acquired the English football club in 2009 in connection with debt owed by Björgólfur Guðmundsson, a former major shareholder associated with the pre-crisis banking group. It then sold successive interests to David Gold, David Sullivan and other investors in 2010. This episode illustrates how the resolution of Icelandic financial assets extended beyond conventional banking portfolios. Publicly available reference material provides substantial historical information about the predecessor bank and its crisis restructuring, but limited reliable information about ALMC's later operating status, current ownership, management, website or product footprint. Those fields therefore remain limited where the available sources do not establish a current fact.
History
The business that became ALMC hf began in October 1986 as Hlutabréfasjóðurinn hf., or the Equity Fund. Its original purpose was to give individuals in Iceland an incentive and mechanism to invest in shares. During the following years, the fund expanded and merged with other Icelandic investment funds. By 2001 it had developed into an investment company rather than remaining solely an investment fund. A major institutional transformation took place in 2004. The Icelandic Financial Supervisory Authority approved an application for a licence to operate as a credit undertaking, allowing the organization to add brokerage, debt finance and corporate finance to its activities. The business adopted the Straumur identity as it developed a more diversified investment-banking model. In September 2005, Straumur merged with Burðarás. The combination created what was described as Iceland's largest investment bank and gave the enlarged group a stronger balance sheet and shareholder base for international expansion. Straumur-Burdarás subsequently pursued a regional European strategy. In July 2006 it acquired a 50.01 percent interest in Stamford Partners, a specialist investment banking firm with operations in London and Amsterdam. In May 2007 it acquired 62 percent of eQ Bank, a Finnish institution active in brokerage, asset management and corporate finance, and in June 2007 it acquired half of WOOD & Company, an independent investment house focused on Central and Eastern Europe. Following a public tender offer in July 2007, Straumur controlled more than 95 percent of eQ. These transactions reflected the group's ambition to build a multi-country investment-banking network. Before the collapse of Iceland's banking system in late 2008, Straumur was regarded as the country's largest pure investment bank and was among the largest companies traded on the Icelandic market. Reference material describes the pre-crisis group as having approximately EUR 7 billion in assets and around 500 employees, with operations or established business positions in ten countries. Its major pre-crisis owners included Björgólfur Guðmundsson and his son Björgólfur Thor Björgólfsson, who served as board chairman until the regulatory intervention. Straumur initially remained independent during the first stage of the financial turmoil, but the Icelandic Financial Supervisory Authority took control on 9 March 2009. A resolution committee assumed the functions of the board, and the bank was closed on 27 March. The intervention occurred amid the broad Icelandic banking crisis of 2008–2011, when financial institutions faced collapsing market confidence, funding pressures and extensive restructuring. The resolution process included the bank's acquisition of West Ham United in June 2009 because of substantial debt owed by Björgólfur Guðmundsson, who had borrowed to purchase the football club. This was an asset-resolution transaction rather than a conventional strategic expansion by a bank. In 2010, the interest was sold in stages: 50 percent went to David Gold and David Sullivan in January, a further 10 percent was sold to them in May, and another 5 percent was sold to investors including former owner Terry Brown in August. In summer 2010, creditors approved a composition for the restructured institution, reportedly with more than 99 percent support. The company was renamed ALMC, and ownership moved to creditors, most of whom were international investors and financial institutions. The reorganization was described as independent of direct state ownership. As part of the arrangement, creditors also approved the foundation of Straumur Investment Bank. In summer 2011, Straumur became the first entity to receive an Icelandic banking licence after the financial crisis, suggesting an attempt to re-establish a regulated banking operation alongside the ALMC restructuring. The available reference material does not establish a complete account of ALMC's later corporate life, current management, continuing operations or present legal status. Accordingly, this dossier distinguishes the well-documented history of the Straumur predecessor from facts that can be confirmed about ALMC today.
- 2011
Post-crisis banking licence
[1]Straumur becomes the first entity to obtain an Icelandic banking licence after the country's financial turmoil.
- 2010
Reorganization and rebranding as ALMC
[1]Creditors approve a composition and the restructured organization adopts the ALMC name.
- 2009
Regulatory takeover and closure
[1]The Icelandic Financial Supervisory Authority assumes control on 9 March, and Straumur is closed on 27 March.
- 2007
Expansion through eQ Bank and WOOD & Company
[1]Straumur acquires a majority position in Finland's eQ Bank and a 50 percent interest in WOOD & Company, extending its Nordic and Central European platform.
- 2006
Acquisition of Stamford Partners
[1]Straumur acquires a 50.01 percent interest in the specialist investment bank operating in London and Amsterdam.
- 2005
Merger with Burðarás
[1]The merger creates Iceland's largest investment bank and supports broader international expansion.
- 2004
Straumur receives a credit undertaking licence
[1]Regulatory approval permits the business to expand into brokerage, debt finance and corporate finance.
- 2001
The fund becomes an investment company
[1]After years of growth and consolidation, Hlutabréfasjóðurinn develops into an investment company.
- 1986
Hlutabréfasjóðurinn is founded
[1]The organization is established as an equity fund intended to encourage individual investment in Icelandic shares.
Products and positioning
Historically positioned as an Icelandic investment bank with a regional and cross-border European footprint, rather than as a broad retail bank.
Financial services · 2004
Investment banking
Investment banking was the core identity of the Straumur-Burdarás group. Its activities included corporate finance, advisory work and participation in transactions across Icelandic and European markets. The business was positioned as a pure or specialist investment bank rather than a mass-market retail institution.
Securities services · 2004
Brokerage
Brokerage was added as part of the 2004 expansion after the business received approval to operate as a credit undertaking. The service supported securities trading and the group's wider capital-markets model in Iceland and selected European markets.
Corporate finance · 2004
Debt finance
Debt finance became one of the institution's principal income streams during its transition from an equity fund into a diversified investment bank. The available sources do not provide a detailed catalogue of specific lending products or facilities.
Advisory services · 2004
Corporate finance
Corporate finance complemented brokerage and debt finance and helped create recurring business beyond investment-fund management. It formed part of the platform used to serve companies and investors across the group's regional network.
Investment management · 2007
Asset management
Asset management was associated particularly with the group's investment in Finland's eQ Bank, which specialized in brokerage, asset management and corporate finance. The sources do not establish the precise scope of ALMC's own post-restructuring asset-management activities.
Brand decisions
2010
Creditor-led rebranding as ALMCStrategyBackground
The resolved institution needed a new ownership and capital structure after the collapse of the original banking group.
Action taken
Creditors approved a composition and the company was rebranded ALMC, with ownership transferred principally to international investors and financial institutions.
Aftermath
The restructuring was reported as the first successful composition among Iceland's collapsed banks and was accompanied by approval to establish Straumur Investment Bank.
2009
Regulatory resolution of StraumurOtherBackground
The decision followed the severe deterioration of Iceland's banking system during the 2008–2011 financial crisis.
Action taken
The Financial Supervisory Authority of Iceland took control of Straumur and appointed a resolution committee.
Aftermath
The bank was closed later in March 2009 and subsequently restructured through a creditor composition.
2009
Acquisition of West Ham UnitedM&ABackground
The football club was connected to substantial debt owed by Björgólfur Guðmundsson, who had borrowed to acquire it.
Action taken
Straumur took ownership of West Ham United as part of the resolution of the associated debt.
Aftermath
The bank sold the club in stages during 2010 to David Gold, David Sullivan and other investors.
2005
Merger with BurðarásM&ABackground
Straumur sought greater scale and a stronger balance sheet as it expanded beyond Iceland.
Action taken
Straumur merged with Burðarás in September 2005.
Aftermath
The combined organization became Iceland's largest investment bank and pursued cross-border acquisitions.
2004
Transition from equity fund to licensed investment bankStrategyBackground
The organization had grown from an individual-investment equity fund into an investment company and sought a broader, more stable financial-services model.
Action taken
It obtained approval to operate as a credit undertaking and added brokerage, debt finance and corporate finance.
Aftermath
The move established the platform that later became Straumur's investment-banking business.
Sources1 sources
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