Storebrand Asset Management has expanded its lead as the largest Norwegian asset manager as Q1 results show both high net inflows and high growth in assets under management.
In the first quarter, AUM increased by 8.9%, or NOK 91bn (EUR 7.8bn) to NOK 1.1trn (EUR 96bn), an all-time high for Storebrand AM according to the financial report published on Wednesday morning.
At the same time, Storebrand AM cashed in inflows totaling NOK 18bn (EUR 1.5), mainly driven by institutional clients looking for fixed-income products.
”We are experiencing high levels of interest in our fixed-income offerings across the Nordics, given the new landscape for the asset class. In Norway, we won several new mandates, including a NOK 1bn fixed income mandate and a mandate as an operational service provider,” the company writes.
Among the Nordic managers that have reported on Q1 so far, Storebrand has the highest AUM growth outperforming its peers by some margin.
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Inflows across the Nordics
Storebrand is active in all of the Nordic countries, and in Q1, the manager made progress in both Sweden and Denmark.
Its Swedish business, Storebrand Fonder, had a total net inflow of SEK 6.5bn (EUR 581m), which is the second highest in the Swedish fund market, according to the Q1 report. With a net inflow of SEK 7.6bn (EUR 678.7) Handelsbanken Fonder banked the highest inflow in Q1.
Its acquisition of the Swedish pension provider, SPP, is also bearing fruit as ”strong growth in sales” increased AUM by SEK 8bn (EUR 715m) to a total of SEK 151bn (EUR 13.5bn). Net inflows amounted to NOK 2bn (EUR 178m).
”The Swedish market is returning to business as usual, although institutional investors seem to be cautiously awaiting the effects of inflation and interest rate hikes. The distribution and retail segments seem more optimistic,” the company writes.
The exact figures for the Danish business haven’t been released, but according to a press release, the volume of professional clients has continued to increase in Q1, driven by new institutional client inflows to its passive strategies.
”Our sustainability position and multi-boutique business model have been important to our growth and positive institutional inflows. In the current investment climate of persistently high interest and inflation rates, the importance of building a resilient portfolio with diversified assets is underlined,” Storebrand CEO Jan Erik Saugestad says in the press release.