Pretax profit dives 24 percent at Danske's wealth management unit

The road has been rough for Danske Bank's wealth management arm in the first half. Integrating SEB Pension Denmark has come at a cost and the aftermath of MiFID II has also left a mark, the head of wealth management, Jacob Aarup-Andersen, tells AMWatch.

by LYKKE OGSTRUP LUNDE

Three things stand out from a glance at the latest interim report of Danske Bank's wealth management unit: Costs are up, net trading income is down and SEB is playing a lead role in the second quarter.

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Pretax profit dives 24 percent at Danske's wealth management unit

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Further reading

World's best EMD team still waiting for clients to return to Danske AM

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Storeband increases stake in Danish infrastructure manager to become majority owner

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Expansion of Nordic team has paid off: Inflows to all core products for US manager