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News & Insights

Featured appearances

Hilbert Group CEO Barnali Biswal interviewed by Dagens Industri

Hilbert Group CEO Barnali Biswal was recently interviewed by Dagens Industri. The interview and news article focused on the recent acquisition of Liberty Road and the development of new fund strategies, as well as the future plans for the company. Watch the interview and read the article here.

Hilbert Group CEO Barnali Biswal featured in Noterat podcast

Hilbert Group CEO Barnali Biswal was recently featured in Noterat podcast. The conversation ranged from her background in traditional and digital asset markets as well as the exciting future for Hilbert Group. Listen to the full episode here.

Press releases

Hilbert Group provides updates on share issues and capital structure

Hilbert Group AB (“Hilbert” or the “Company”) provides the following update on certain previously announced share issuances and changes to the Company’s capital structure. In connection with the previously announced acquisition of Nordark, Hilbert has issued the initial consideration in the form of 2,970,100 newly issued Hilbert B shares to the sellers at a subscription…

Hilbert Group informerar om emissioner och kapitalstruktur

Hilbert Group AB (”Hilbert” eller ”Bolaget”) lämnar följande uppdatering avseende vissa tidigare aviserade emissioner och förändringar i Bolagets kapitalstruktur. I samband med det tidigare offentliggjorda förvärvet av Nordark har Hilbert erlagt den initiala köpeskillingen i form av 2 970 100 nyemitterade B-aktier i Hilbert till säljarna till en teckningskurs om 6,80 kronor per aktie. Teckningskursen…

Hilbert Group kallar till extra bolagsstämma och föreslår förändringar i styrelsen och bolagsstyrningen

Hilbert Group AB (”Hilbert” eller ”Bolaget”) har idag kallat till en extra bolagsstämma den 7 maj 2026 för att behandla val av ny styrelseledamot, ersättning för arbete i styrelseutskotten samt antagande av ett nytt långsiktigt incitamentsprogram, ESOP 2026. Den föreslagna styrelseutnämningen, utskottsstrukturen och ESOP 2026 syftar till att stödja Hilberts fortsatta utveckling och bolagsstyrningsramverk. Kallelsen…

Recent Publications

Hilbert regularly publishes market analyses and peer-reviewed academic articles that study the quantitative-financial workings of markets.

Bitcoin: Where Next? — The Liquidity Lie

In this latest CIO paper, Russell Thompson examines the relationship between Bitcoin and global liquidity — and why conventional liquidity measures may be misleading investors. While broad indicators such as M2 have continued to rise, Bitcoin has declined sharply since late 2025. This report argues that the key driver is not the absolute level of…

Kelly Trading When Asset Prices Have Jumps

  ABSTRACT In this paper, Magnus Holm and Hans-Peter Bermin revisit the foundational Kelly trading strategy in the context of modern financial markets where asset prices can experience discrete jumps—sudden changes in value that are not captured by traditional continuous models. While classical results show that the Kelly strategy (which aims to maximise long-term capital…

Limiting Distribution of the Maximum Drawdown for Brownian Motion with Positive Drift

A new working paper by Dr Hans-Peter Bermin (Chief Risk Officer, Hilbert Group) and Dr Magnus Holm (Co-Founder, Hilbert Group) shows that the maximum drawdown of a standard asset-price model converges to a Gumbel distribution, meaning extreme losses follow a predictable statistical pattern. This insight provides practical tools for estimating worst-case drawdowns over long horizons and strengthens the quantitative foundations behind Hilbert’s…

The Geometry of Risk Adjustments

ABSTRACT – In this paper we present a geometric approach to portfolio theory, with the aim to explain the geometrical principles behind risk adjusted returns; in particular Jensen’s alpha. We find that while the alpha/beta approach has severe limitations (especially in higher dimensions), only minor conceptual modifications are needed to complete the picture. However, these…