Nordea sees surge in Finnish assets
NORDIC – Nordea’s assets under management increased 5% in the third quarter, predominantly driven by growing business in the Finnish market.
Assets under management for Nordea at the end of the third quarter reached 107 billion euros, up 5% from the end of the second quarter. Institutional assets under management increased 3.4% to 21.4 billion euros.
While the development of equity markets was not as positive in the third quarter, sentiment in the Nordic region improved, and inflows increased. Net sales of funds for the period reached 2.4 billion euros. Indeed, in the Nordic region, Nordea took 26% of net sales.
In particular, Nordea Asset Management saw increased interest from Finland. There, the company took 53% of net sales of funds in the country.
Commenting on the success of the business in Finland, Eric Christian Pedersen, head of business strategy at Nordea Asset Management and Life said: "We have traditionally been the leader in Finland, but with competition building from Sampo we decided to focus on extending the lead. We restructured the way we charge Finnish clients for funds, especially in fixed income products.
“Nordea AM also intensified its use of advice and risk analysis to win share of wallet by selling combinations of several products simultaneously,” added Pedersen.
Revenues were up 6% on the second quarter, and asset management product result was up 14%.