"2020 was a challenging year for asset managers and the clients due to the sudden market implosion in March and the subsequent, rapid recovery. First Fondene, like several other money managers, saw clients redeem their  last spring. In combination with weaker market prices, this clearly led to a decrease in total assets under management ahead of April," says First Fondende Managing Director and Partner Erik Haugland to AMWatch's Norwegian sister media, FinansWatch.no.