ALMC hf
ALMC hf, formerly Straumur Investment Bank, was an Icelandic regional investment bank that developed from an equity fund into a cross-border financial-services group before being placed under regulatory control during Iceland's 2008–2011 banking crisis.
Last updated August 31, 2026
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Overview
ALMC hf was the corporate successor to Straumur Investment Bank, an Icelandic financial institution headquartered in Reykjavík. The business began in October 1986 as Hlutabréfasjóðurinn, an equity fund intended to encourage individual investment in Icelandic shares. During the following decade and a half it expanded through the consolidation of other Icelandic investment funds and, by 2001, had evolved into an investment company. A major transformation took place in 2004, when the Icelandic Financial Supervisory Authority approved the institution's application to operate as a credit undertaking. The organization adopted the Straumur identity and added brokerage, debt finance and corporate-finance activities. These changes shifted the business away from a fund-centered model toward a broader investment-bank platform with several sources of fee and financing income. In September 2005, Straumur merged with Burdarás. The combination created what was described as Iceland's largest investment bank and provided a larger balance sheet and shareholder base for international expansion. Before the Icelandic banking system's collapse in late 2008, Straumur-Burdarás was the country's largest pure investment bank. It reportedly had approximately EUR 7 billion in assets and about 500 employees, and at its peak was the sixth-largest company on the Icelandic OMX Nordic Exchange. Its activities extended beyond Iceland, with an established presence in ten countries, including the United Kingdom, Denmark, Sweden, Finland and the Czech Republic. The institution's expansion included strategic stakes in specialist financial companies. It acquired a controlling interest in Stamford Partners, an investment-banking firm operating from London and Amsterdam, and increased its holding in Finland's eQ Bank, whose activities included brokerage, asset management and corporate finance. It also acquired half of WOOD & Company, an independent investment house focused on Central and Eastern Europe. These transactions were intended to broaden Straumur's geographic reach and capabilities. The bank's ownership and financial position became closely connected with Iceland's broader credit boom. Before the crisis, major shareholders included Björgólfur Guðmundsson and his son Björgólfur Thor Björgólfsson, who also served as board chairman until the regulatory intervention. Although Straumur initially remained independent while other parts of Iceland's banking system came under pressure, the Financial Supervisory Authority of Iceland assumed control on 9 March 2009. A resolution committee replaced the authority of the board, and the bank was closed on 27 March. One consequence of the crisis was Straumur's acquisition of West Ham United in June 2009 in connection with debt owed by Björgólfur Guðmundsson. The bank subsequently sold a 50 percent stake to David Gold and David Sullivan in January 2010, followed by further disposals in 2010. These transactions formed part of the resolution of assets associated with the failed banking group rather than a normal expansion of the bank's core financial-services business. In summer 2010, the institution completed a creditor-approved composition, reportedly with more than 99 percent of creditors voting in favor. The restructured business was rebranded ALMC and became owned by creditors, with the majority of ownership held by international investors and financial institutions and without direct state ownership. As part of the composition, creditors also approved the establishment of Straumur Investment Bank. In summer 2011, the restructured organization became the first entity to receive a banking license in Iceland after the 2008 financial crisis. The available reference material does not establish the later operating status, current management, or whether the Straumur website remains an active corporate channel.
History
The institution was established in October 1986 as Hlutabréfasjóðurinn, or the Equity Fund, with the purpose of encouraging individuals in Iceland to invest in shares. It later grew by merging with other Icelandic investment funds and had become an investment company by 2001. In 2004, the Icelandic Financial Supervisory Authority authorized the business to operate as a credit undertaking. It was rebranded Straumur and expanded into brokerage, debt finance and corporate finance. The new activities gave it a more diversified investment-banking model. In September 2005, Straumur merged with Burdarás, forming Straumur-Burdarás and creating Iceland's largest investment bank. The merged group then pursued international growth. Its acquisition program included a 50.01 percent interest in Stamford Partners in July 2006, a specialist investment-banking firm with operations in London and Amsterdam. In May 2007 it acquired 62 percent of Finland's eQ Bank, a business active in brokerage, asset management and corporate finance, and a public tender later that year raised Straumur's control of eQ above 95 percent. In June 2007 Straumur acquired 50 percent of WOOD & Company, an independent investment house serving Central and Eastern Europe. Before the Icelandic banking collapse, the group was the country's largest pure investment bank. Reference material places its assets at approximately EUR 7 billion and its workforce at roughly 500 people. It operated across a network that included Iceland, the United Kingdom, Denmark, Sweden, Finland and the Czech Republic, among other markets. Its ownership before the crisis was associated principally with Björgólfur Guðmundsson and Björgólfur Thor Björgólfsson. Straumur initially remained independent during the turmoil of late 2008, but the Financial Supervisory Authority took control on 9 March 2009. A resolution committee assumed the board's functions, and the bank was closed on 27 March. During the resolution process, Straumur acquired West Ham United in June 2009 because of debt owed by Björgólfur Guðmundsson. The football club was subsequently partly sold to David Gold and David Sullivan in January 2010, with further share sales later that year. The restructured institution completed a composition in summer 2010, reportedly obtaining approval from over 99 percent of creditors. It was rebranded ALMC and became creditor-owned, with most owners described as international investors and financial institutions independent of the Icelandic state. The composition also provided for the establishment of Straumur Investment Bank. In summer 2011, Straumur became the first post-crisis entity to obtain an Icelandic banking license. The available sources do not provide enough information to confirm the organization's current status, subsequent leadership, or ongoing activities.
- 2011
First post-crisis Icelandic banking license
[1]Straumur became the first entity to receive an Icelandic banking license after the 2008 financial turmoil.
- 2010
Creditor composition and rebranding as ALMC
[1]The institution completed its composition with approval from more than 99 percent of creditors and adopted the ALMC name.
- 2009
Regulatory takeover and closure
[1]The Icelandic Financial Supervisory Authority assumed control on 9 March, and Straumur was closed on 27 March.
- 2007
Expansion through eQ Bank and WOOD & Company
[1]Straumur acquired a majority stake in Finland's eQ Bank and half of WOOD & Company, expanding its brokerage, asset-management and Central-Eastern European investment-banking capabilities.
- 2006
Stamford Partners acquisition
[1]Straumur acquired a 50.01 percent stake in the London- and Amsterdam-based specialist investment bank Stamford Partners.
- 2005
Merger with Burdarás
[1]The merger created Straumur-Burdarás, described as Iceland's largest investment bank.
- 2004
Straumur identity and credit undertaking license
[1]Regulatory approval enabled the company to operate as a credit undertaking and add brokerage, debt finance and corporate finance.
- 2001
Becomes an investment company
[1]After expanding and combining with other investment funds, the organization had developed into an investment company.
- 1986
Established as Hlutabréfasjóðurinn
[1]The business was founded in October as an equity fund intended to promote individual investment in Icelandic shares.
Products and positioning
A regional, cross-border investment bank originating in Iceland and focused on brokerage, corporate finance, debt finance and related financial services. At its pre-crisis peak, it positioned itself as Iceland's leading pure investment bank with operations extending into Northern and Central-Eastern Europe.
Securities services · 2004
Brokerage
Brokerage was added to the business model after the 2004 regulatory transition and remained one of the group's principal investment-banking activities. The international expansion included exposure to Nordic and Central and Eastern European markets, including through eQ Bank and WOOD & Company.
Corporate finance · 2004
Debt finance
Debt finance was introduced as part of Straumur's move from an equity-fund structure to a licensed credit undertaking. The available sources identify it as a core business line but do not specify the full range of instruments or sectors served.
Investment banking · 2004
Corporate finance
Corporate finance formed part of Straumur's broadened investment-bank offering. It was provided from Iceland and through affiliated or acquired businesses, including eQ Bank and Stamford Partners, although the sources do not enumerate individual advisory transactions.
Investment management · 2007
Asset management
Asset management was associated particularly with eQ Bank, the Finnish financial institution in which Straumur acquired a controlling stake. The available material does not identify specific funds, mandates or assets under management.
Brand decisions
2010
Disposal of West Ham United interestsM&ABackground
Straumur had acquired the football club in connection with debt owed by Björgólfur Guðmundsson.
Action taken
The restructured group sold 50 percent to David Gold and David Sullivan in January, followed by sales of another 10 percent in May and 5 percent to a group including Terry Brown in August.
Aftermath
Ownership was progressively transferred away from the bank during the restructuring period.
2009
Resolution following regulatory interventionOtherBackground
The Icelandic banking crisis placed the institution under pressure after it had initially remained independent.
Action taken
The Financial Supervisory Authority assumed control, appointed a resolution committee and closed the bank later that month.
Aftermath
The business was restructured through a creditor composition, rebranded ALMC and later re-established a Straumur banking entity.
2005
Merger with BurdarásM&ABackground
Straumur sought greater scale and a stronger balance sheet in the period before its international expansion.
Action taken
Straumur merged with Burdarás in September 2005.
Aftermath
The combined company became Straumur-Burdarás and was described as Iceland's largest investment bank.
2004
Transition from equity fund to licensed investment bankStrategyBackground
The original equity-fund model had developed into an investment company, and regulatory approval created an opportunity to build a broader financial-services platform.
Action taken
Straumur added brokerage, debt finance and corporate finance after receiving authorization to operate as a credit undertaking.
Aftermath
The move established the multi-line investment-banking model that supported the later merger with Burdarás and international expansion.
Sources2 sources
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