Finnish fund assets break through psychological barrier at end of excellent year

Translation: Original published in Finnish on 1/15/2026 at 7:37 am EET.

According to the Fund Report published by Finnish Investment Research, domestic investment funds received net subscriptions of over one billion euros in December. Sales were strong in both equities and fixed income, and sales were also broadly distributed among different players. Net subscriptions for the full year are over five billion euros in positive territory, and the entire year was excellent in terms of sales. Full-year sales were mainly concentrated in fixed income products, which is not surprising given that interest rates are once again a relevant asset class. Overall, market sentiment has continuously improved throughout the year, which directly correlates with new sales. Value changes were also slightly positive in December, and for the full year, value changes were strongly in the green due to a strong investment year. As a result, domestic fund capital exceeded the phantom limit of 200 BEUR for the first time in history. 
Capital of Finnish investment funds (BEUR)

 
Net subscriptions of Finnish investment funds (AUM)
 
Development varied among listed asset managers

For the companies we cover, December, as well as the entire year, was a mixed bag. Alternative funds, and real estate in particular, were in significant trouble throughout the year, while players focused on traditional asset management have generally performed well. We note that in this review, we only comment on companies under our coverage that report their up-to-date monthly statistics in the Fund Report. Thus, Taaleri, Mandatum, and CapMan are excluded from the review. We will comment on Titanium's sales in a separate commentary once it reports its fund sales (the figures in the Fund Report have a one-month delay for Titanium).

Aktia's net subscriptions were up by 8 MEUR in December, while for the full year, net subscriptions were down by just over 100 MEUR. Aktia's full-year performance is very weak, especially considering the company's interest-rate-heavy product offering and expertise.

Alexandria's net subscriptions were up by 2 MEUR in December. For the full year, net subscriptions were up by 37 MEUR, which is a somewhat subdued performance relative to the company's potential. We note that Alexandria's sales of structured products have performed exceptionally well throughout the year, compensating for the sluggish fund sales. In addition, the company has shifted organizational resources more towards the sale of discretionary asset management, and this is also likely to be negatively reflected in fund sales.

eQ's net subscriptions were a good 30 MEUR in the red in December due to redemptions from the Community Properties Fund. The company announced it would pay 40% of the redemptions from the Community Properties H2’24 redemption window. This amount is around 24 MEUR, meaning H2'24 redemptions are around 60 MEUR. This amount is again slightly higher than our expectations, and the pace of redemptions is slowing uncomfortably. In addition to the remaining 60% of H2'24 redemptions, eQ has outstanding H1'25 redemptions in the Community Properties fund (now postponed to January). The Business Real Estate fund, on the other hand, has outstanding redemptions from H2'23-H1'25. We expect the outstanding redemptions to still be significant. Although eQ's private equity sales have performed well given the circumstances, total sales for 2025 are expected to be very subdued, considering real estate fund redemptions.

Evli's sales continued their excellent development in late 2024, with net subscriptions rising to over 100 MEUR. For the full year, net subscriptions were at a staggering level of almost 1,700 MEUR, and Evli is undeniably one of the sector's biggest success stories for 2025. We note that a significant portion of the net subscriptions is explained by new Enhanced Index products, to which the company has transferred assets from wealth management that were in ETFs (Enhanced product sales ~1.2 BEUR). Thus, this is not new capital, but the fee level of Evli's own Enhanced products is significantly better than that of ETFs, and therefore this has a clear positive impact on fee accumulation. 

United Bankers' subscriptions were subdued in December, and 35 MEUR was redeemed from the funds. UB's most important individual product, UB Forest, saw small redemptions (~10 MEUR) for the first time in many years, but at the same time recorded strong returns for Q4, which means substantial performance fees for the entire H2. For the full year, UB's net subscriptions remained below 80 MEUR, which is a modest level given the potential of the company's sales engine. However, it is positive that sales clearly improved in H2 after a subdued start to the year.

We remind investors that the development of fund capital should be monitored over a longer period, in addition to individual months. The significance of mutual fund capital also varies significantly between companies.