Translation: Original published in Finnish on 04/10/2026 at 08:25 am EEST

Aktia announced on Thursday that it is expanding its international distribution network with three new sales partnerships. We consider the news a logical and expected step as part of Aktia's strategic goal to increase international asset management sales.

Focus on exporting fixed income expertise

According to Aktia, new partnerships will particularly focus on distributing the company's fixed-income investment expertise, such as emerging market debt strategies. This is in line with Aktia's strengths, as the company has traditionally been known specifically for its fixed income products.

In the DACH region (Germany, Austria, Liechtenstein), the collaboration begins with XO. Capital Partners, in the UK with Hermod Capital, and in the Benelux region, the existing partnership with Oceanside Capital Partners expands from the Netherlands to Belgium and Luxembourg

The use of external distribution partners is a cost-effective way for Aktia to reach local institutional investors without a large sales organization in the target markets. The partners typically have established relationships with significant professional investors in the region, which can accelerate the acquisition of new customers. On the other hand, a third-party partner's incentives to sell Aktia's products specifically are unlikely to differ from other distribution customers, which we see as a weakness compared to an in-house sales organization.

The importance of sales is emphasized during the strategy period

Aktia's asset management has suffered in recent years from sluggish new sales and significant redemptions by institutional clients. However, the company aims to increase assets under management to over 25 BEUR by 2029. Achieving this goal requires significant success, specifically in institutional sales, where international distribution plays a key role.

While these announced partnerships strengthen Aktia's sales machinery in strategically important markets, distribution agreements do not automatically translate into increased new sales. There is definitely potential in the international sales of specialized interest rate products, but obtaining concrete evidence in the form of new subscriptions is critical for the credibility of the company's ambitious growth targets. Our current growth estimates for Aktia's asset management are very moderate, reflecting the prolonged subdued performance in a generally favorable market environment.