We grow and preserve our
clients’ financial assets


Cenzia Investment Advisors is a partner owned and independent multi-family office serving UHNW private clients, family investment companies and trusts.

We always look to identify each client’s individual needs and goals. Our portfolio management principles are based on thorough analysis, solid risk assessment and a close dialogue with and immediate access to the managers of our clients’ investments.

Our clients appreciate working with a focused team that ensures direct personal access to senior partners, regular dialogue based on trust and value preservation. Together, these elements provide our clients with superior risk adjusted returns.

Cenzia was founded in 2008 and currently manage NOK 2,5 billion in assets.

“Truth is ever to be found in simplicity, and not in the multiplicity and confusion of things”

Isaac Newton


Good risk adjusted returns are generated through disciplined management.

In all aspects of our management we seek to avoid unnecessary complexity as this contributes to increased risk and rarely any improved results. With a good understanding our clients’ desires, needs and risk tolerance we establish a suitable portfolio strategy. This strategy considers (i) relevant asset classes, (ii) asset allocation, (iii) historic investments, (iv) liquidity needs and (v) complexity.

Successful manager selection and continuous monitoring of these managers is an essential part of our job. We are fortunate to find many of these managers close to home, but selectively compliment these with managers from abroad with a superior track record based on our extensive network. We meet with these managers on a regular basis, no matter where they are. The further away from home they are, the more cautious we are in taking on manager risk. As such, we typically prefer well established managers. We invest with managers employing a variety of strategies (passive, long only and long / short), but always seek the best terms for our clients. Any fund rebates are passed on to the client in full.

We have the greatest respect for the challenge of market timing, but seek to reduce risk at times when markets are expensive based on key metrics. Equally, we aim to have liquidity available in times of market corrections to benefit from the opportunities that arise at such times. Even still, a well diversified portfolio across different asset classes is our best strategy to preserve capital through times of turbulence while at the same time participate in markets upturns.




The partners at Cenzia have extensive experience from Nordic and global financial markets both as investors, investment bankers, financial advisors, investment analysts and from equity sales and research.

Partners and Employees

Andreas Stang

Managing Partner

Andreas co-founded Cenzia in 2008. Prior to this he was a Director of the Investment Services Group at Credit Suisse in London. Andreas spent 15 years as Chariman / CIO of a Norwegian family office (Treshow Fritzøe) in Larvik, Norway.

 Andreas has a business degree from the Gothenburg University School of Business, a Master of International Management (MIM) from Tunderbird School of Global Management and completed Advanced Management Studies at The Warton School.

Nicolai Andresen


Nicolai co-founded Cenzia in 2008. Prior to this he was a founding partner with Ardent Advisors in London, a strategy and corporate finance boutique in London focused on the TMT sector.

Nicolai began his career within the investment banking division (Telecoms and Technology groups) of Credit Suisse in London.

Nicolai holds a BA in Economics and International Relations from Tufts University in Boston.

Jonas Heyerdal


Jonas joined Cenzia in September 2013. Prior to this he held different positions within equity sales with Fearnley Fonds, Carnegie and the last eight years with SEB Markets.

Jonas has in-depth experience with the Nordic equity markets and has also worked as an equity analyst with Fearnley Fonds.
Jonas holds a BA with Honours from University of Stirling, Scotland.

Thomas Oma

Investment- & Portfolio Analyst

Thomas joined Cenzia in November 2017. Prior to this he was a financial analyst at SpareBank 1 Forsikring (the Insurance business of the SpareBank 1 alliance) were

he was responsible for investment analysis and portfolio management.

Thomas is a Certified European Financial Analyst (CEFA) and holds an MSc from the Norwegian School of Economics.

Nina Fagermoen

Head of Settlements and Portfolio Reporting

Nina joined Cenzia in September 2016. Prior to this she worked for Exportfinans where she managed various loan portfolios.

Nina has a degree from Bankakademiet.

Fredrik Holter

Head of Compliance

Fredrik joined Cenzia as Compliance Offices in August 2013, a position he also holds with NRP Finans AS. Fredrik has 17 years experience from DnB NOR Markets where

he held the position as head of online trading. He has worked with KPMG’s Financial Risk Management Team where he was responsible for clients within the financial services sector.

Fredrik holds an MBA from the Norwegian School of Economics. He also holds a BA from University of Massachusetts and has taken the CFA and Portfolio Management courses at the Norwegian School of Economics.

Elin Berntsen


Elin has assisted Cenzia with administrative matters and accounts since 2008. Prior to this she was financial controller with Norsk Oppgjørssentral (NOS, now Marex Spectron

Elin has 25 years experience from accounting and administration.

Board of Directors

Christian Ness


Grace Reksten Skaugen


Erik G. Braathen



Jon Hindar




Cenzia is regulated by the Norwegian SFA (“Finanstilsynet”). For further information on compliance matters, please contact Cenzia’s Head of Compliance, Fredrik Holter (fredrik.holter@cenzia.no).



Cenzia AS
8th. floor
Haakon VII’s gate 1
N-0161 Oslo

Cenzia AS
PO Box 1358, Vika
N-0113 Oslo

992 156 120