NORTHERN EUROPE - Nordea, the financial services group in the Nordic and Baltic region, has seen an inflow of €1.1bn in institutional assets under management as opposed to an outflow of €200m last year.
Institutional assets under management have reached €25bn in the third quarter, "due to strong and broadly based net inflow of €1.1bn," the group announced today in its third quarter results.
The growth was "primarily based on new mandates while the outflow from existing mandates has been limited," Nordea argued.
This is in comparison to an outflow of €200m in institutional assets at the same time last year due to the loss of a few large mandates.
Johan Elkwall, head of investor relations at the firm, said that the growth was "due to a fairly broad improvement in the number of mandated that we have won in negotiations".
Elkwall did not want to disclose which larger institutional mandates the bank has won, saying "we have not gone public with this yet".
Also, he said that Nordea had to some extent changed its investment process, switching to a smaller team, which operates more independently.