N RTHERN

LIGHTS
ISSUE 2//2017

17th May 2017

Celebrations
IMPORTANT DATES
P6-8
SEPTEMBER ALSO IN THIS ISSUE
Fredagspils
Theatre Oslo
Frikl Supper 11 15 21
OCTOBER
Fredagspils
Aquavit Tasting

NOVEMBER
Interview with the DISCOVERY: Interview with Outgoing
Fredagspils contemporary cellist and Impressions of Iran Chair Catharina M. Patjas
Julebord composer Maja Bugge
www.dennorskeklub.co.uk 1
 CALENDAR OF EVENTS Message from
03 Your Board

04 DNK AGM

September June 07 17th May 2017

1st Fredagspils 12th In&Out AGM

15th Waterloo Dinner
15th Theatre piece Oslo
at the National theatre 29th Summer Courtyard
10 DNK Merchandise

w/talk by Norwegian Party

Interview with
Ambassador HE
Mona Juul July 11 Maja Bugge

29th Frikl Dinner 13th Cigar Dinner

DISCOVERY:
26th Wine Biffs Summer 15 Impressions of Iran
October Outing / The 10 Cases
30th The Argentine Club
6th Fredagspils UK Tax Event with
TBC Aquavit Tasting
Cup
19 SEB and NBCC

August
Interview with
November 17th Inter-Club Hog Roast
21 Catharina M. Patjas
3rd Fredagspils September
INVESTOR CORNER:
25th Julebord 13th Wine Buffs /
Earnings on the Up
Australian Wines 24 Political Risk on
21st Game Dinner the Down in Europe
December
28th Latin American Club
1st Fredagspils Wine Tasting Dinner
26 DNK Friday Drinks

Membership
HOW TO BOOK 27 Benefits
DNK events
Please e-mail: secretary@dennorskeklub.co.uk

In&Out events Although every effort has been made

Please e-mail: niki.mapouras@theinandout.co.uk
EVENT CANCELLATION
Please note that cancellation of events
made less than seven days before the
event will not be refunded.
to ensure accuracy, neither Den Norske
Klub in London nor the authors can
accept liability for errors or emissions.
Views expressed in this newsletter
are not necessarily those of Den
Norske Klub. No responsibility can be
accepted for unsolicited submissions,
transparencies or photographs. All
prices and information contained in
event advertisements are correct at the
time of going to press.

2 www.dennorskeklub.co.uk
Message from YOUR BOARD
Dear Members
Welcome to the new summer edition of
Northern Lights which features not only
memories from the epic 17th May Celebratory
Dinner which was held in the beautiful and
newly refurbished King Harald V room, but
also interviews with Norwegian cellist and
composer Maja Bugge, who delivered an
exceptional artistic performance at the 17th
May 2017 reception, and former DNK Chair
Catharina M. Patjas, who stepped down at
the most recent DNK AGM in April after 5
years on the DNK Board.
We are introducing a new A5 format that we
hope you will enjoy and two regular columns,
Discovery featuring travel, culture and food
reviews, and Investors Corner with the latest Den Norske Klub look forward to welcoming
investment recommendations from a panel of
Nordic industry experts.
Den Norske Klub held its 93 Annual General rst ofcial Fredagspils on September
rd
the Norwegian flag both are available from
the Klub Secretary. During the summer we will
be soliciting your views on how we can make
the club an even better place for Norwegians
living in and visiting London.
Den Norske Klub is ofcially closed in July and
August, however we hope many of you attend
the In & Outs fantastic summer events which
you can read about on page 2, and to see you
for the more informal Fredagspils gatherings
in the courtyard in July and August. The
majority of the Clubs bedrooms have been
refurbished so there is no better time to stay
and take advantage of all that our great club
and wonderful capital city have to offer. The
In&Out reception is there to help.
you back after the summer, when we can
look forward to many exciting events: the

Meeting (AGM) at the In & Out Club on the 1st and Frikl dinner at the Norwegian
20th April 2017. Chair Catharina M. Patjas Seamens Church in London at the end of
updated the members on the current years September, the In&Outs Trafalgar dinner in
events, and in the absence of Treasurer October, and Den Norske Klubs Traditional
Magnus Gundersen, also reported on the Christmas Julebord in November. We will
nancial status of the Klub. We would like to also be hosting various cultural evenings
congratulate Cecilia Luras, who was elected as for our members including an evening at
DNKs new Chair, and welcome Irene Garland, the Natinaltheatre to see Bertlett Shers
Christian Hvamstad and Constanse Bowes- production of the new play Oslo by J.T.
Lyon to the Board. Rogers which has been nominated for 7 Tony
Awards including Best Play and Best Direction
In conjunction with DNKs 130th anniversary,
of a Play, an aquavit tasting, and various
your new board will be introducing a Den
other fun things!
Norske Klubs patrons scheme, dedicated to
the Klub, the newly re-decorated King Harald We wish all our members a lovely and warm
V room and the paintings of the Norwegian summer and look forward to seeing you in
Royal family that you read about in the September for the rst Fredagspils and all
previous edition of Northern Lights. We have the other exciting events your new board are
also recently re-launched the Klubs historic planning for the coming months.
cufinks and have created a new elegant Klub Warm regards, Chair Cecilia Luras on behalf of
tie, taking its inspirations from the colours of the DNK Board.

Your Board
Cecilia Luras Chair and Editor-in-Chief Christian Hvamstad Treasurer
Hege Nordahl Board Member Irene Garland Board Member
Constanse Bowes-Lyon Board Member Pauline Houppilart Board Member

New Members
Oystein & Inger Lise Larsen Nick Sims Berit Stokke

www.dennorskeklub.co.uk 3
 DNK AGM 20th April
Election of Chair and Board Members
Den Norske Klub held its 93rd Annual General Meeting (AGM) at the In & Out
Club on 20th April 2017. Chair Catharina M. Patjas chaired it.
T
he AGM was attended by a good
number of Klub members who were
firstly treated to a review of the
Klubs activities over the past 12 months.
These included the usual popular Friday
drinks, dinners and financial events, but there
were also some innovations during 2016,
such as the Nordea Banking Seminar with
Gunn Wrsted, the private view at the Paul
Stolper Gallery with Her Majesty Queen Sonja
of Norway and Magne Furuholmen, and
concerts with Laila Thortveit and Kai Robert
at the DNK Friday Drinks.
The highlights of the year included the 17th
May and the Christmas Dinners in the King
Harald V Room - both were sell-outs. The
Klub was deeply honoured to welcome the
Norwegian Minister of Defence Ine Marie
Eriksen Sreide, Norways Ambassador
to the UK HE Mona Juul, and Lady Flight,
and her consort, Lord Flight as our guests
of honour at the 17th May Celebration
Dinner in 2016. For the Christmas dinner we
were honoured to host the Lord Mayor of
Westminster, Councillor Steve Summers,
as well as a private view of Edward Munch
prints courtesy of Grev Wedels Plass.
The Chair reported that Agathe Thorseth,
Patrick Moe, and Magnus Gundersen were
retiring from the Board. Whilst Catharina M.
Patjas stepped down as the DNK Chair and
retires from the DNK Board, she continues to
represent DNK on the In&Out Board.
Cecilia Luras was elected as the new Chair
of DNK. Irene Garland was elected to the
Board. Pauline Houppilart was re-elected.
Hege Nordahl continues her position on the
Board. Constanse Bowes-Lyon and Christian
Hvamstad were proposed to be co-opted
to the Board at the next board meeting and
will join the DNK Board thereafter. Former
Board Members Patrick Jonassen, Berit Scott
4 www.dennorskeklub.co.uk
and Patrick Moe, have kindly consented to
continue to act as special advisers for DNK.
In the absence of Treasurer Magnus
Gundersen, Chair Catharina M. Patjas
reported on the financial status of the
Klub. The members voted to re-elect F.W.
Berringer & Co as the Klubs accountants.
The Chair also presented an update on the
transfer to the In & Out, which had been
successfully implemented in 2016. In terms of
activity, we note increased use of the In&Out
clubs facilities and attendance at In&Out
hosted events by DNK members. As of April
2017 DNK had 144 members, flat vs. 2016 (at
145 members).
The Boards main focus for 2017 will be
to find a more permanent solution to the
funding of our activities including the
launch of a Klub patrons scheme and the
investigation of our status as a not-for-profit
organization, as well as continue to increase
the membership base.
The Chair then drew the meeting to a close
and invited the members present to join the
Board for some drinks in the Canning Room.
From DNK Articles of Association:
18.(1) Any person who is willing to act as a
director, and is permitted by law to do so, may
be appointed to be a director (a) by ordinary
resolution, or (b) by a decision of the directors in
which case such director must stand for election
by the members in a general meeting at the next
available opportunity. (2) The directors (including
the Chairman) shall hold office for two years after
which they may stay in office until the Annual
General Meeting where they may be re-elected.
(3) The Chairman must apply for re-election as
Chairman at every Annual General Meeting. (4) A
retiring Chairman may continue to hold office as
a director until his period of office expires. (5) All
directors must also be members of the Klub and
hold Norwegian nationality.
PRESENTING THE
NEW BOARD
Cecilia Luras
CHAIR
Cecilia has worked for more
than 20 years in finance/
capital markets in London, Paris,
and Bergen. She holds a Masters degree
from the University of St Andrews and an
undergraduate degree from the University of
Durham. Whilst Cecilia grew up in and around
Oslo, she has spent longer periods in Paris,
Rome, London and Bohusln in Sweden. She
currently lives and works in London. Outside
of work, her interests include photography,
contemporary art and travel.
Christian Armand
Hvamstad
TREASURER
Christian Armand has nearly 15
years experience from financial,
capital markets and private banking in
London and Oslo which has given him an
entrepreneurial flair. He currently lives and
works in London, UK. He holds degrees in
MSc Financial Service Management from
University of Surrey and an undergraduate
degree in Business Administration (BA Hons/
Finance) from the University of Sunderland.
Outside of work Christian enjoys spending
time with his family, travelling, exploring art
exhibitions, playing golf and a wide variety of
other sports.
Irene Garland
BOARD MEMBER
Irene grew up in Oslo, Norway,
but moved to London when
she married. She worked for
the Norwegian Embassy for 18 years doing
various jobs such as Education Officer,
Cultural Officer and Information Officer. She
has a degree in Social Science and taught an
MA at the University of Surrey for 13 years
and she still teaches at the University in Oslo
in addition to running an education charity in
London part time. She has travelled widely
and is interested in history, the theatre and
the arts in general.
www.dennorskeklub.co.uk
Hege Nordahl
BOARD MEMBER
Hege has worked for more
than 16 years as a management
consultant specialising on the
oil and gas industry. She has led multiple
strategic projects internationally and
co-authored numerous reports on the
challenges facing the oil and gas industry.
She holds a BEng (hons) (siv ing) in Materials
Engineering from the University of Newcastle
upon Tyne, and an MBA from SDA Bocconi.
Whilst a student, Hege was a board member
for ANSA UK (93/94) and chair of ANSA
Worldwide (1997-2000). In her spare time,
Hege enjoys skiing, travelling, exploring the
outdoors, training, reading and cooking.
Pauline Houpillart
BOARD MEMBER
Born to a Norwegian mother
and a French father, Pauline
grew up in Paris where she was
involved in the organisation of many cultural
and business events for the Norwegian
community in Paris. Pauline is a graduate in
Visual communication from the Acadmie
Charpentier in Paris and she holds a
Masters degree in Brand development from
Goldsmiths University, London. She has
worked for international branding agencies in
advertsing & packaging and she is now the
creative brand manager for a long established
independent estate agency. Pauline enjoys
reconnecting with her Norwegian roots
in Tjme.
Constanse Bowes-Lyon
BOARD MEMBER
Constanse has spent the
last nine years working and
studying in London, New York,
Washington DC and Bergen. Currently she
works in Executive Search in the energy and
commodities industry. She holds an MA in
International Relations from Kings College
London. Outside of work, Constanse enjoys
travelling, photography, hiking, architecture
and art.
5
 We serve clients who choose to
live and do business outside
the Nordic region
Our private banking colleagues in London have been meeting with
entrepreneurs, financial professionals, families and individuals who have
different kind of requirements to inform them of important questions that
need to be addressed in this challenging world. If you would like to find out
how we can help you with many UK related queries regarding mortgages,
investments, savings and day-to-day cross border planning, feel free to
contact our Private Banking office in Luxembourg at +352 43 88 71 or
contact our colleagues in the UK.

Christian A. Hvamstad, Thorsten Sderhielm

christian.hvamstad@nordea.com thorsten.soderhielm@nordea.com
+44 20 7726 9230 +44 20 7726 9232

This financial promotion is made by Nordea Bank S.A. which is based in Luxembourg and passported into the UK to provide cross-border services, although most of our investment services are carried on from Luxembourg.
Nordea Bank S.A. is authorised by the Commission de Surveillance de Secteur Financier (CSSF) in Luxembourg and is subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation
by the Financial Conduct Authority are available from us on request. As a consequence, certain of the rules made under the Financial Services and Markets Act 2000 for the protection of retail clients in the UK will not
apply (although there are rules in place for the protection of retail clients in Luxembourg). The Financial Services Compensation Scheme will not be available with regards to any investment business we carry on for you.
 17th May 2017
Norways national day was celebrated at the Klub
in its usual style with a black-tie and bunad dinner
in the splendour of the beautifully refurbished King
Harald V room.

T
he evening started with elegantly dressed ladies
and gentlemen arriving to a bubbly aperitif in the
glamorous Inner Hall, chatting and catching up with
new and old friends. Whilst the Bele Casel Asolo Prosecco
Superiore supplied by Berry Brothers & Rudd, and the
conversations flowed, newly elected DNK chair Cecilia Luras
introduced the evenings artistic entertainment, provided
by the Norwegian cellist and composer Maja Bugge, and
enabled with the kind support from Nordea Private Banking.
Contemporary Norway
The Lancaster based, Norwegian cellist and composer, Maja
Bugge, gave us an exceptional performance and insight
into Norwegian contemporary music with her compositions
for solo cello accompanied by a light-and video show from
Northern Norway. The music takes its inspiration from the
Vesterlen Islands in North Norway where Maja was born
and fired up an exhilarating atmosphere of something new
amongst the guests.

Warm welcome
Dinner followed in the splendid surroundings of the newly
refurbished King Harald V Room. Following extensive
refurbishment it is now possibly the most beautiful room
of its kind in London. In front of almost 80 guests, newly
elected DNK Chair Cecilia Luras wished everyone welcome
to the 17th May 2017 Celebratory Dinner and 130 year
anniversary. Long standing DNK member Sjur Berven
proposed the toast to His Majesty the King.
Continued overleaf
www.dennorskeklub.co.uk 7
 Beautiful tables
The tables were beautifully laid with white tablecloths, DNK
paraphernalia and Norwegian flags to put everyone in a
festive mood! The menu was traditional 17th May fare: to
start, asparagus with hollandaise and poached egg. This was
followed by a main course of poached salmon accompanied
by a seafood mousseline. The dessert was delightfully
surprising: a traditional Norwegian Bltekake from the
Norwegian Seamens Church and a Norwegian Kransekake
very kindly donated by honorary DNK members, Rolf and
Angela Christophersen,

Inspiring Takk-for-Maten Tale

The guest of honour, former British Ambassador to Norway
and current Chairman of Anglo-Norse, Sir Richard Dales,
gave an inspiring Takk-for-Maten Take (speech) focused
amongst others on the future of British-Norwegian relations
in a post-Brexit world.

Wine, Aquavit and Songs.

The white wine accompanying the salmon was a 2014
Bourgogne Blanc, La Tufera, Domaine Etienne Sauzet,
liberally refilled and supplied by Jeroboams. Amathus and
Arcus had generously donated the bottles of Linie Aquavit
that filled the smaller glasses. No Norwegian festive 17th
May dinner is complete without a song. After hearing our
guests proudly sing Norways royal anthem, Kongesangen,
cellist Maja Bugge led the guests with her cello through 3
verses of Ja, vi elsker. Our guests joined beautifully in with
the song, making this a deeply emotive moment.

8 www.dennorskeklub.co.uk
 Raffle to die for
The evening was rounded off with the draw of the splendid
raffle hosted by the lovely Pauline Houppilart, our 17th
My 2017 Raffle Queen. With fantastic prizes, tickets were
selling like hot cakes. First prize was a train ticket for two in
Norway, very kindly donated by NSB. Other prizes included
a years supply of Norwegian vanilla scented tran from
Vesteraalens, wine gift packs from Jeroboams, cufflinks and
tie from Den Norske Klubs new collection, lunch for two
at the Scandinavian Kitchen; a generous number of bottles
of Linie Aquavit from Amathus & Arcus; and a wheel of
Jarlsberg cheese fortunately cut into more manageable
chunks for each winner kindly donated by Tine Norseland.
At the end of the official programme, the more resilient
members of the party carried on the festivities in the
Canning bar where we heard members continue to sing
Ja, vi elsker through to the early hours..A very successful
evening altogether and a great start to the Klubs 130th
Anniversary Year!
Photos by various DNK Members

www.dennorskeklub.co.uk 9
 DEN NORSKE KLUB
MERCHANDISE
Den Norske Klub TIE
We are delighted
to announce
the generation
of a new Den
Norske Klub
tie, which has
been approved
by the Board
and launched
at the recent
17th May dinner.
The members of DNK can now wear their
very own tie. Loosely designed around the
colours of the Flag of Norway, the tie also
features the DNK emblem and is ideal for
all occasions. It is made in the UK from pure
silk and the special label on the reverse
sports the date of the Klubs foundation,
with images of those cornerstones of
Norwegian culture: a kransekake and a
bottle of aquavit!

Den Norske Klub CUFFLINKS

We are also delighted to announce
that we have a new, limited, batch
of DNK cufflinks in stock. Its been a
number of years since theyve been
available and a number of members
have asked
whether they
were scheduled
to make a
return. In time
for DNKs 130
year anniversary,
theyre back!

If you are interested in either the tie or cufflinks, please email the
DNK Secretary secretary@dennorskeklub.co.uk to reserve them.

10 www.dennorskeklub.co.uk
 Following the beautiful and avant-garde
artistic performance at Den Norske
Klubs 2017 17th May Celebratory
dinner, DNKs Northern Lights wanted
to interview the contemporary cellist
and composer Maja Bugge. Born in
Sortland, Vesterlen, Maja relocated to
the UK 7 years ago. In her interview,
Maja reflects over her career to date,
sharing her inspirations and thoughts for
the future.

INTERVIEW WITH

MAJA BUGGE By Cecilia Luras

DNK: Growing up in Sortland,

Vesterlen, when did you know you
wanted to be a cellist?
I grew up in the golden age of the Norwegian
Music schools (kulturskolene) and without
that I would never have become a musician. I
also regularly played in a symphony orchestra
on the islands of Lofoten and Vesterlen
with amateurs and professionals, young and
old sitting next to each other. We met 2-3
times a year and played music with a passion
and joy that I think has never left me. That
experience played a bit part in my decision to
become a musician. Winning the audition for
the Barratt Dues conservatoire training when
I was 19, meant there would be no way back.

Continued overleaf
www.dennorskeklub.co.uk 11
 DNK: You started out as a classical
cellist but have in recent years started
on a more contemporary and jazz
inspired path. Tell us more about your
motivation to leave your classical
background behind.
Well I still feel strongly connected to my
classical background and as a teacher
I use the methods I was taught at
conservatoire every day. But I have always
been frustrated with the authority and
hierarchy of classical music. In my second
year at conservatoire I was introduced to
a Norwegian composer called Magnar m
who got the whole symphony orchestra to
improvise. While most of my friends were
bored I was having the time of my life. He
gave me permission to access my own
creativity in a way I had never been able to
before.
DNK: Would you highlight any
particular artist or musician as
particularly inspiring you?
There are quite a few but the pianist
12
Christan Wallumrd is a great inspiration.
He explores different musical styles with
fearless creativity.
DNK: When did you start composing?
And working with multimedia?
I have made music since I was very little but
I suppose I started composing with more
structure after I had my first child and we
moved to the UK. In a funny way I think
having been away from Norway has given
me permission to explore my own creativity,
my own sound in a different way. Regarding
the collaboration with other expressions like
video, text and theatre that is something I
have been exploring for the last 25 years. In
my 3rd year at Barratt Due, a guitarist came
up to me and wanted to have me do some
improvisation on a recording he was doing.
That led to a theatre collaboration with the
actor Gard Eidsvold and the director Nina
Wester and has given many other exciting
jobs. Like in 2008 I wrote the music for a
theatre performance of Sartres play No
exit at the National Theatre in Oslo, a great
way to explore the dialogue between music
www.dennorskeklub.co.uk
and text. I simply love collaborating, being collective so that we can share ideas and
in dialogue with other artists. get our music out there.

DNK: How do you feel the landscape DNK: What are your next projects?
and your upbringing in Vesterlen has I am currently working in Bergen in
shaped your compositions? collaboration with Vest Norsk Jazz centre
on a new production for children with
The Vesterlen landscapes are brutal and
British and Norwegian musicians. And I am
beautiful and non-compromising and you
playing in the Standedge canal tunnel (the
cannot escape it. I think in fact a lot of the
longest and deepest canal tunnel in Britain)
Norwegian landscapes are like that. So
in October. We just did a recce for that, the
with my sound, with my music I am trying
sound of the cello travelling through the
to grasp all of this. I am interested in the
water and the narrow tunnel is amazing.
seamless transition between the beautiful
I will also be recording a new CD in the
melodies and the brutal crunchy sounds.
autumn.
I am interested in silence (you kind of
have to be if you have lived 19 years in The CD Shelter can be ordered from Maja
Vesterlen) and I am interested in how @ maja@majabugge.com for GBP10.
nature, how this raw nature makes us slow
down, makes us listen, makes us be more
present.
Majas next performances
in the UK are:
DNK: Why (and when) did you move 25TH JUNE
to the UK? Cleethorpes Jazz Festival
I moved 7 years ago when my husband got www.culturehouse.co.uk
a PhD scholarship at Lancaster University. 30TH JUNE
And Lancaster was a great place for us to Manchester Jazz Festival
come to, it was small but with a diverse mix with Deep cabaret band
of people. Its also close to my parents in www.manchesterjazz.com/artist/
law, which is very handy. deep-cabaret/
7TH-9TH JULY
DNK: What have you most enjoyed  Tour of Norway/Vesterlen
about the last 7 years in Lancaster ? www.majabugge.com/etterklang
The community, I love the way British
7TH OCTOBER
people get together as a community. I was
Mardsen Jazz Festival
very conscious of that, moving to Lancaster
www.marsdenjazzfestival.com
with a little baby, and so I wanted to build
a community where we help each other. I 8TH OCTOBER
feel we have found that. The Lake District Newcastle Bridge Hotel
is also very close and a much loved Sunday 17TH NOVEMBER
activity for us.  Liverpool Capstone Theatre
www.thecapstonetheatre.com
DNK: Since coming to Lancaster, you
have started a Norwegian inspired
music school, tells us more....
The Norwegian music school system is
unique and when I started teaching in
Lancaster I saw the need to pair up with
other teachers and create opportunities for
my cello students of all ages to play with
others and meet other musicians. We host
annual concerts and teach together in a

www.dennorskeklub.co.uk 13
 FINDING SOLUTIONS.
TOGETHER.
They are people we trust
and like to do business with.
Chambers Europe, 2017

LONDON OSLO BERGEN

Paternoster House, 2nd Floor Haakon VIIs gate 10 Vestre Strmkaien 7
65 St Pauls Churchyard PO Box 1484 Vika PO Box 43 Nygrdstangen
London EC4M 8AB NO0161 Oslo NO5838 Bergen
England Norway Norway
Advokatfirmaet Thommessen AS. www.thommessen.no/en
D I S COV E RY

Impressions of

IRAN
Iran is an incredibly diverse
country, from metropolitan
Tehran, the Zoroastrian
temples in Yazd to the temple
ruins in Persepolis. Unlike the
media portrayal, Iran is an
By Constanse Bowes Lyon incredibly beautiful country
with welcoming people and it
feels safe.
However, telling people
you are travelling there is
likely to lead to the following
reactions; excitement with
exclamations of wanting to
go or questions around safety
(for women) and what there
is to see.

Continued overleaf
www.dennorskeklub.co.uk 15
 There and back
Travelling there is straight forward with
direct flights from London to Tehran. As a
Norwegian the visa process is also relatively
hassle free; a guided tour isnt compulsory
and the visa process is not too complicated.
There is even an option of getting a visa on
arrival but with rules constantly changing
the safer option seemed to apply in advance.
For Brits on the other hand, the process
is more complicated and a guided tour
is compulsory. As I was travelling with
my British husband, a guide was a non-
negotiable but we were lucky that it was
only us, a guide and the open road.
From North To South
The Capital
Many travellers choose (and we were no
exception) a trip taking them from the
north of the country down to Shiraz. The
first leg of most such journeys starts with a
visit to the capital, Tehran, where travellers
experience first-hand the infamous traffic
and the resulting pollution. The drive from
the airport to the city centre is just shy of
two hours and although Iranian drivers at
16
the best of times seem reckless they nearly
always avoid collisions. Our trip started in
a similar fashion and despite the initial car
centric first impression, we soon discovered
that the city has more to offer. Two of our
highlights were the Golestan palace and the
National Jewellery Museum. In the latter can
be found an incredible jewellery collection
including a jaw dropping 155 ct diamond.
Zoroastrianism And Desert Towns
The next step on our route through the
country was Qom, the second most holy
city in Iran and where Khomeini spent a
large proportion of his life. The city is vastly
different to nearby Tehran and remains a
conservative stronghold with few tourists
even in high season.
From Qom we travelled through a string of
small desert towns and castle ruins before
we reached Kashan and Yazd, two towns in
the middle of the country. Kashan is small
town well known for its world famous and
UNESCO listed garden where small school
children run around and seem to compete
about who gets the most selfies with
foreigners. A few hours drive from there is
www.dennorskeklub.co.uk
 From the awe- inspiring Masjed e Imam
and Sheikh Lotfallah mosque in Esfahan
through to Vakil mosque in Shiraz, the
country has incredibly colourful and ornate
mosques. Every mosque seems to be a
small masterpiece in yellow, blue, turquoise,
green and pink. But its not only in the larger
cities, walking around smaller towns and
side streets, we discovered small but equally
stunning mosques.

Selfies And Tea

Both seem to be a big part of Iranian culture.
Visit any town or shop and tea is likely on
offer. Where people in the UK would go to
a bar, Iranians go for the somewhat healthy
option, teas and smoothies. The tea is drunk
anywhere and at any time, from homes, in
carpet shops whilst trying to strike a deal to
the trunk of the car on the motorway. As
our guide sped down the motorway easily
doing 120, he casually turned around and
asked if we wanted tea. We agreed and
spent a few minutes along the motorway
sipping tea and discussing the upcoming
election.

Yazd, probably most known for its stunning Another key staple in daily life, at least
mosques and Zoroastrian sites of worship. for the younger generation appears to be
One burial site is appropriately called the the selfie, ideally with a foreigner, whilst
stairway to heaven. Zoroastrianism was practicing English. Whilst travelling around
unfamiliar before our trip but we quickly and most likely sticking out like sore thumbs,
learnt that this ancient religion has many we were daily stopped and asked for selfies
followers in Iran and a supposedly 700 year by groups of school children who later
old flame still burns bright on the outskirt of added Ill put it on Instagram!
Yazd. Looking back on our trip, it far exceeded our
From Yazd we travelled to Esfahan, a town expectations. Iran is welcoming, interesting
heaving with tourists (by Iranian standards) and well worth a trip before it becomes too
mainly due to its stunning mosques Sheikh popular something it undoubtedly will do as
Lotfallah and the iconic Masjed e Imam but the country continues to open up.
also some of the many bridges along the
river, social hotspot for locals come nightfall.
After Esfahan we journeyed onwards to our
final destination, Shiraz, a city famous for
its poets, shrines and mosques. Despite the
abundance of grapes there was no wine to
be found nor had but the city had so much
more to offer. After a few days in Shiraz we
made our way back to Tehran and finally
London.

Architecture
One highlight of any visit to Iran is the
architecture, notably the colourful mosques.

www.dennorskeklub.co.uk 17
 Planning the future for you and
your loved ones. Together.
At Private Banking within SEB, we acknowledge that everyone has a unique
set of challenges. We concentrate on developing meaningful, long-lasting
financial relationships and make the effort to really understand you and
your requirements.
Your own private banker, client assistant and experts are dedicated
to helping you achieve your goals. Together we take a holistic
approach, aiming at a well-planned future for you and your
loved ones.
To find out what we can do for your personal wealth
contact Helena Whitmore or Daniel Wikehult on
+44 (0) 20 7246 4225
privatebanking@seb.co.uk
sebgroup.lu/privatebanking

This publication is for informational purposes only. It does not constitute a financial promotion. The SEB Group offers private banking services through an international network of SEB offices.
Any contractual relationship related to the provision of regulated private banking services will be with the relevant SEB offi ce based outside the United Kingdom.
UK TAX EVENT
with SEB and NBCC By Pauline Houppilart

On Wednesday 22nd February, the

fifth annual Tax event with SEB and
NBCC took place in the stylish SEBs
offices overlooking St Pauls.

T
he Senior Wealth Structuring Adviser good opportunity for the attendees to speak
in the London team of SEB, Helena with Helena and ask questions relating to
Whitmore gave us an annual update their own personal tax situations.
on developments in UK tax relevant to the
During the talk Helena answered the
international community. Helena highlighted
questions many people often ask
a number of changes in this area, including
themselves, such as: Can I be a resident
various transitional rules supported by
in more than one place? Is there a
practical examples to illustrate how these
minimum time I need to spend in the UK
changes may be relevant to Norwegians
to be considered as belonging here for tax
in the UK. Having previously worked as
purposes? In a world becoming more and
a Director of Tax for an international law
more complex, especially after Brexit, it
firm, she is indeed in a good position to
is more and more difficult to understand
provide tax and wealth structuring advice to
taxes clearly. Helenas useful and informative
members of the Nordic community in the UK.
discussion was the perfect guide to
The event started and finished with enlightening those of us who need to
networking drinks and canaps, providing a properly manage their wealth portfolio.

www.dennorskeklub.co.uk 19
20 www.dennorskeklub.co.uk
Philip Mc Carthy

Now that your chairmanship of

Den Norske Klub is at an end, it
is natural to reflect on the many
people you have met and the events
that you have attended, but lets
start at the beginning as it were.

John Quintero
INTERVIEW WITH

Outgoing Chair By Irene Garland

CATHARINA M. PATJAS

Continued overleaf
www.dennorskeklub.co.uk 21
 DNK: Before you took up the role,
how long had you been in London?
I moved to London in 2004 to study
for a MA in Film & Television. In 2011 my
predecessor, Reidun Jebsen, hosted Kristian
Aadneviks London Fashion Week Show in
the courtyard at the Club, which my friend
Camilla Skjlsvold and I heard about. We
decided to join due to the LFW Show, and
also to meet fellow Norwegians living in
London.
DNK: Did you have a lot of contact
with other Norwegians and
Norwegian institutions before taking
on the Chairmanship?
I volunteered to assist at the DNK Stand at
the Scandinavia Show after being a DNK
member for some months, where I met
many of the Scandinavian organisations in
London. The Board approached me to join
the Board as Sponsorship Liaison Officer
after the show. During my first year as a
Board Member and Sponsorship Liaison
Officer, I also represented DNK at the 17th
May Committee.
DNK: During your period as Chairman
you have seen quite a few changes.
How would you describe this period
and the many challenges that these
changes may have thrown up for you
and the Board?
The main focus for the Board over the last
five years was to make a profit and increase
the membership base, which we did in 2014.
We also wanted to improve the events
and from 2014 the 17th May Dinner and
Christmas Dinner have been sold out. The
next major challenge was the renegotiating
of the In & Out contract. The DNK Board
and members considered several options;
and decided to become full members of the
In & Out from 2016. This transition has been
very successful and DNK now have much
stronger relationship with the In & Out; and
a stable membership base. The Board went
through more changes than usual over these
five years, however through dedication and
team work the Board got through it.
22
Ole Angell
I would like to take this opportunity to
thank former Klub Secretary Clare Harrison
and my fellow former and current Board
Members Patrick Jonassen, Berit Scott,
Millicent Ragnhild Scott Brooks, Patrick Moe,
Magnus Gundersen and Pauline Houpillart.
Their continued dedication, (even when
some of them have left the Board!) to DNK
is astonishing.
DNK: What have you enjoyed most
about the period as Chairman?
DNK has such a wonderful rich history and
has been an important meeting point for
Norwegians in London for 130 years. I am
very honoured and humbled that the Board
and members elected me as their Chairman
in 2013. First of all, DNK is all about its
members. I have met so many wonderful
people who have become my friends. It is
fantastic that the members are engaged
and continue giving their ongoing support,
especially the esteemed senior members
such as Rolf Christophersen, Angela
Christophersen and Roald Pettersen.
I have enjoyed hosting many of the DNK
events during the years with Royals,
MPs, Ambassadors and Lord Mayors as
guests of honour. (For example, the 200th
Anniversary of Norways Constitution,
Edvard Munch Private Views, Art Tour
and Luncheon at the Mansion House, 17
May Dinners, Christmas Dinners, Gourmet
www.dennorskeklub.co.uk
Dinners at the Ambassadors Residence
etc). Our partners have also invited DNK
to some quite magical cultural events such
as exclusive theatre experiences, Texture
Private View with HRH Queen Sonja of
Norway and so on. It has been a wonderful
few years of rich experiences, not to forget
the wonderful people I have met!
DNK: Are there any ideas that you
had that you have not been able to
put into practise during your time as a
Chairman and do you have any advice
for your successor?
The King Harald V Room has now been
refurbished and looks spectacular. We have
also created a historical overview of the
Royal paintings on display. I therefore hope
that a sustainable plan will put in place
shortly. My successor, Cecilia Luras, already
has some great ideas. I also believe it is
important to nourish the great relationship
we now have with the In & Out; and to
continue recruiting members. My successor
Cecilia Luras and the Board have my full
support and I am confident they will bring
DNK to new heights.
www.dennorskeklub.co.uk
DNK: Do you feel that this experience
has helped you grow as a person and
what will you take with you?
Yes, definitely. It has been challenging,
however great fun! I have never been a
Chairman, Sponsorship Liaison Officer or
Editor-in-Chief previously. Neither had I
hosted or organised events (apart from
small events in my young political days).
I have also gained great skills from my
period representing the Den Norske Klub
at the In & Out Board, especially from the
In & Out Chairman Vice Admiral John HS
McAnally and Vice Chairman William de
Segundo. I have learnt so much and in the
end organising a black tie dinner with Royals
almost became a routine!
DNK: And finally; what are your plans
for the future?
After five very hectic years I will take a short
break to spend quality time with family and
friends. I will also be travelling to France,
Norway, Italy and the US. We will then
see what the future brings, however I will
continue being a member and I look forward
to keeping in touch with you all.
23
 I N V E S TO R CO R N E R

EARNINGS
ON THE UP
Political risk on the
down in Europe

NAME: Ole Morten Nafstad

AGE: 39
TITLE: CIO Nordea Bank S.A.
YEARS WITH NORDEA: 12

T
he global economy has been in a
cyclical upturn since late last summer.
Data are still firm, but some indicators
for the G10 are rolling over, especially in
the US. Despite the rolling over in (some)
soft indicators, we do not view this as a
negative, rather, we see it as confirmation
that the global economy is moving from
an acceleration phase to a more stable
trajectory and we expect hard and soft data
to converge at a higher level. In this context,
we do not put much emphasis on the weak
US Q1 GDP, which also likely affected by
seasonal factors given its perennial weakness
in recent years.
If the global economy is looking good,
earnings are looking even better. The
positive earnings trend that started in Q3

24 www.dennorskeklub.co.uk
2016 is gaining further traction and this
current Q1 earnings season is unlikely to fail
to exceed estimates. Moreover, in contrast
to previous years, said estimates have been
holding up firmly, even increasing, as the
year has progressed. While we have some
doubts that global earnings growth for
the year will be as high as 13 per cent, as
bottom-up consensus currently expects,
high single digits (7-9%) are fully reachable
in our book. A favourable growth backdrop,
increased sales and less margin pressure
than expected all form favourable conditions
for the earnings outlook. Q1 earnings season
is on track to be the best quarter in over five
years for yearly growth in earnings. Earnings,
then, constitute a key support pillar for our
overweight in equities.
For European earnings growth, it remains
strong and the outlook for margin
improvement is playing out as expected,
as is price performance. Furthermore,
the macro momentum in Europe remains
particularly strong, which will lend further
support to earnings growth in the region.
European equities have rerated so valuation
is less of a tailwind, while earnings will be key
to on-going performance. After the French
presidential election, peripheral sovereign
spreads have come down significantly, as
markets essentially priced out fears of a
French euro exit and the potential contagion
effects. Indeed, on the political side, investor
concerns continue to ease. The probability
of populist political upsets has diminished
in Europe and Trumps policy agenda is
moderating when faced with Congressional
and legal realities. Macrons reform agenda
is good news for the French economy, but
its implementation is not straightforward.
The first challenge that Macron will face is
the parliamentary elections on June 11th and
18th. Usually French voters support their new
president in the parliamentary elections and
first poll shows that Macrons En Marche!
movement could come out strong, even
close to the absolute majority of 290 seats in
the National Assembly.
UK economic growth has held up better than
expected following the Brexit vote in June
last year, supported by looser UK monetary
and fiscal policy, a weaker GBP and stronger
global growth. But in Q1 the UK economy
www.dennorskeklub.co.uk
posted its weakest performance in a year.
The dominant services industry, which
accounts for about 80% of the economy,
grew just 0.3% q/q, the weakest since the
start of 2015, reflecting that consumers are
now cutting back in response to rising prices.
Other recent indicators corroborate the
view that the UK economy is starting to
lose momentum after the Brexit vote. The
composite purchasing managers index (PMI)
has slipped in recent months and retail sales
volumes posted their biggest decline in
seven years in Q1 as consumers felt the pinch
from the partly GBP-driven surge in inflation.
The GBP is currently still around 10% weaker
on a trade-weighted basis than before the
Brexit vote, reflecting investors perceptions
that a lower real exchange rate will be
required following the UKs withdrawal from
the EU.
The weakness in retail sales bodes ill for an
economy that has relied heavily on consumer
spending as the key driver of growth after
the Brexit vote. Since the referendum in
June, growth in consumer spending has
been driven by households borrowing more
and saving a smaller share of their income
than ever before a clearly unsustainable
trend. Overall, our forecast is for real GDP
growth to ease from 1.8% last year to 1.6%
in 2017 and 1.3% in 2018. Higher government
spending, a positive contribution from net
trade on the back of the drop in the GBP and
the support provided to activity from rock-
bottom interest rates should prevent growth
from slowing too sharply.
In our Global Asset Allocation Strategy, we
overweight European equities. We have long
recommended our clients to look through
the political noise, and that the political
risk premia in European equities will be
repriced. Some of this repricing has now
taken place after the first election round
in France, but there is probably more juice
left. If we on top of this add the continued
economic improvements that are on-going
in Europe, together with a so far strong Q1
European earnings season, we still continue
to recommend our clients to hold an
overweight in European equities.
25
 DNK FRIDAY DRINKS
featuring music by Kai Robert
By Pauline Houppilart
Friday 3rd March
The Friday Drinks in March featured
an exclusive performance by the
talented Norwegian composer, singer
and trumpet player Kai Robert.
Treating us to Ved Rondane from
Edvard Grieg and Ut Mot Havet
from Edvard Fiflet Braein, Kais own
interpretation of these classics gave
us a different perspective of these
well-known songs and made for an
entertaining evening.

F
rom Sarpsborg, Kai Robert has released
65 records and his sales have exceeded
more than 1 million copies. He has
been awarded several cultural prizes, both
at home and abroad. After his performance
he will be touring in Europe and Northern
America and has often appeared on
radio and TV. Kai has also composed and
performed for the Norwegian Royal Court.
After his performance, Kai generously gave
away copies of his latest CD for members
and their guests to happily discover more
of his music.

For more info about Kai Robert:

www.kairobert.no

26 www.dennorskeklub.co.uk
Membership Benefits
All Den Norske Klub members have access to The
Naval & Military Club (the In & Out). The members may
use the bars, restaurant, gym, swimming pool, spa and
squash court. The In & Out offers discounted overnight
accommodation and at their affiliate clubs around the world. The In & Out also organise
many fabulous events - such as wine tastings, lectures and dinners.
Please visit their homepage www.navalandmilitaryclub.co.uk for more information.

Discounted prices from Scandinavian Kitchen

Scandinavian Kitchen kindly offers a 10% discount in their cafe. It is valid on all caf items,
although not on retail goods nor with other offers. DNK members should bring with
them their membership card to obtain the discount. Scandinavian Kitchen also offers 10%
discount on the first online order.
Please visit their website www.scandikitchen.co.uk and enter the code norwayclub.

Discounted prices from Tiger of Sweden

Tiger of Sweden kindly offers DNK members a 20% discount on shop prices and personal
shopping appointments at their flagship store on Piccadilly and in their store in Canary
Wharf. Please remember to bring your membership card with you.
Please visit their homepage www.tigerofsweden.com/gb for further information.

Discounted prices from Swedish Chair

The Swedish furniture importer Swedish Chair is pleased to offer DNK members a 10%
discount on all purchases.
Please visit their homepage www.theswedishchair.com for further information.

Enjoy free entry to

The Roof Gardens
The Roof Gardens, an exclusive members-only nightclub off Kensington High Street, offers
DNK members and one guest free entry to the nightclub (Q-jump).
All members and one guest have VIP complimentary entry to The Roof Gardens all year.
Additional guests will receive the discounted rate of 15 per entry (discount applicable
from October to April only, excluding December).
You must supply The Roof Gardens with a guest list prior to arrival. It is also advisable
to register before 5pm on the Friday for both Friday and Saturday. Please show your
membership card at the door, abide by the rules and the dress code (smart/casual) and
get ready for a fantastic night out!!
The nightclub is open Fridays and Saturdays. Email address for registry: club@
roofgardens.virgin.co.uk. The Roof Gardens homepage: www.virgin.com/roofgardens

www.dennorskeklub.co.uk 27
 TRY / Fotograf: Nature Picture Library /Johnr
Cool headed Warm hearted.
Banking the Norwegian way.

Nature inuences how cultures develop. Harsh geographical and climatic conditions have forced
Norwegians to act rationally and pragmatic, but also taught us how important it is to have faith
in people, oer a helping hand when needed, and look for opportunities wherever we go.

Our heritage provides the backbone of our business ability to understand the challenges of
safeguarding your international assets. We have the knowledge, the experience and the scale to
manage your wealth across borders, and the strength and capability to handle your individual
needs. Who ever you are, wherever you may be.

Visit us at dnb.no/lu, call +352 45 49 451 or send an email to

privatebanking@dnbgroup.lu for more information.

LUXEMBOURG