Storebrand AM's unit saw profits and AUM increase in H1 despite pandemic
Despite large transactions within alternatives having been postponed, leading to lower fees within asset management, Storebrand's Savings division made more money in H1 2020 compared to the same period last year. The Norwegian-based asset manager has seen AUM soar in Q2 after a minor nosedive in the first quarter.
Storebrand's savings unit, which includes asset management, defined contribution pensions in Norway and Sweden and retail banking products, saw profit before amortization ending at NOK 672m (EUR 62.4m) for the first half of 2020.
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