Nykredit has announced plans to establish a wealth management division that gathers the Copenhagen-based financial group's competencies within investments, advisory services and asset management, according to stock exchange announcement.

The new division will be headed by Peter Kjærgaard, who has until now been Chief Investment Officer at Nykredit Asset Management.

AMWatch recently visited Kjærgaard where he elaborated on how the asset management unit had more than doubled its AuM in five years.

Secret ingredient? Nykredit AM’s recipe for doubling AUM in five years

Nykredit recently announced plans to join forces with Sparinvest, also from Denmark, to launch a EUR 40bn asset manager.  

"The asset volumes managed by both Sparinvest and Nykredit on behalf of customers have grown in recent years. By joining forces, we can support this development and provide enhanced customer experiences at both Sparinvest and Nykredit," Rasmussen said at the announcement.

As part of the structural changes, Nykredit hires former head of wealth management at Danske Bank Tonny Thierry Andersen to head the Banking division.