Finnish fund capital rebounded forcefully to new records

Translation: Original published in Finnish on 5/12/2026 at 6:22 pm EEST.

According to the Fund Report published by Finnish Investment Research, Finnish investment funds experienced a robust turnaround in April. Net subscriptions returned to rapid growth following March's redemptions, exceeding 1.4 BEUR. Over the past 12 months, net subscriptions have now reached nearly 8 BEUR in positive territory.  Due to the strong market recovery, capital rose to 210 BEUR, which is slightly higher than the previous record set in February. Overall, the impact of the war in Iran on fund investors has turned out to be very small, which supports our stance that investors have learned to tolerate geopolitical risks better than before. This is not much of a surprise, though, given the continuous crises of recent years. 

Capital of Finnish investment funds (BEUR) 

Net subscriptions of Finnish investment funds (AUM)

Development was mixed for listed asset managers

For the companies we cover, April was a mixed bag. However, the impact of the war remained very moderate for all companies. 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 comment on Titanium quarterly in separate reviews.

Aktia’s net subscriptions were slightly negative in April. Aktia's domestic fund sales have been sluggish for a longer time, especially considering the strong demand in the interest rate market. That said, the company has recently seen an uptick in new asset management sales (not reflected in funds), which are of paramount importance to the company’s growth.

Alexandria's net subscriptions were a few million in the red. Alexandria's fund sales have been sluggish for some time now, which we believe is due to the organization's focus on ramping up asset management and record-strong sales of structured products. Consistently sluggish fund sales put clear pressure on the company to show concrete progress in asset management sales in H1.

eQ’s net subscriptions were negative by around 34 MEUR, and redemptions were broadly directed at various traditional funds, whose significance for the company's business is limited given its focus on alternative products. We note that eQ's most important product category (PE) is not included in the fund report, and its sales will play a critical role as the company attempts to regain growth. Additionally, we would like to remark that the company has significant redemptions pending in both of its open-ended real estate funds.

Evli’s sales in April totaled just 25 MEUR, which is a very modest figure compared to the company's extremely strong development in recent years. Despite a weak March, net subscriptions for the last 12 months are at a staggering level of around 1.6 BEUR. We note that a significant portion of the net subscriptions in the last 12 months is explained by new Enhanced Index products, to which the company has transferred assets from wealth management that were in ETFs (Enhanced product sales ~1.3 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’ net subscriptions were approximately 10 MEUR in the black, with subscriptions primarily directed toward the new Megatrends and UB Private Equity funds. Over the last 12 months, UB's sales have shown slight improvement, with net subscriptions of around ~120 MEUR. However, the company has the potential for much better performance, but in the short term, it is suffering from weak demand for alternative products.

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.