Wholesale and institutional sales dampened Nordea’s AUM recovery in Q4
While private banking provided net inflow in Q4, Nordea saw continuing outflows from wholesale distribution and institutional sales. Head of Nordea A&WM, Snorre Storset believes the outflow in 2022 will turn into inflow in 2023.
At first glance, Nordea Asset & Wealth Management kept up with robust Q4 AUM growth from big Swedish peers SEB and Swedbank, around 5%.
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