Skagen Funds, a fund manager based in Norway, has agreed to be acquired by one of the country's largest life insurers after a period of below-benchmark returns.

The company will be acquired by Storebrand for up to 2,000 Norwegian krone, or around €211m. Storebrand will pay Nkr1,629 up-front with the rest dependent upon Skagen achieving "certain financial targets" over the next two years.