Analyst Comment

Finnish fund sales continued their strong momentum in February

Summary

In February, Finnish investment funds saw net subscriptions of nearly 2 BEUR, with fixed income funds performing particularly well, contributing to a record fund capital of 209 BEUR.
Aktia achieved positive net subscriptions of 116 MEUR, driven by interest rate funds, marking a potential turnaround in its sales performance.
Evli's net subscriptions reached nearly 200 MEUR, largely due to interest rate products and the transfer of assets to new Enhanced Index products, significantly boosting fee accumulation.
United Bankers experienced 18 MEUR in net subscriptions directed to short-term fixed income funds, but faced ongoing redemption pressures in the real estate sector.

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Translation: Original published in Finnish on 03/10/2026 at 05:19 pm EET

According to the Fund Report published by Finnish Investment Research, net subscriptions to Finnish investment funds in February amounted to almost two billion euros. Sales were particularly strong in fixed income funds. Net subscriptions for the last 12 months are now over 8 BEUR in positive territory, which is the highest level in history and reflects the market's lively sentiment. Value changes were also positive in January, and as a result, fund capital climbed to a new record of 209 BEUR.

Capital of Finnish investment funds (BEUR)

Fund Pic1

Net subscriptions of Finnish investment funds (AUM)

Fund Pic2

Development was positive for listed asset managers

For the companies we cover, February went well, with all of them achieving positive net subscriptions. 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 the company reports its fund sales (the figures in the Fund Report have a one-month delay for Titanium).

Aktia’s net subscriptions in February were positive at 116 MEUR, which is an excellent level for the company. Sales were directed at the company’s important interest rate funds. Aktia's sales have been sluggish for a longer time, especially considering the strong demand in the interest rate market. The strong sales in February are once again raising hopes that the company's sales will finally pick up.

Alexandria’s net subscriptions were 7 MEUR in the black, and sales were evenly targeted to different products. We consider this level to be quite normal for Alexandria. Alexandria's fund sales have been sluggish for over a year, which we believe is due to the organization's focus on ramping up asset management and record-strong sales of structured products.

At eQ , net subscriptions performed well for the first time in a while, and the company raised 35 MEUR in capital across various equity products. Conventional asset management sales have played a relatively minor role at eQ for a longer time, with the company's focus being on alternative products (real estate and PE). Growth in conventional asset management would be highly desirable for eQ, as it would broaden the company's rather narrow growth focus.

Evli continued its excellent development, and net subscriptions once again rose to nearly 200 MEUR. Sales were mainly driven by interest rate products, and the distribution of new sales was neutral. For the last 12 months, net subscriptions have already exceeded the 2 BEUR mark, which is an extreme level both in absolute and relative terms. 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’ subscriptions in January were up by 18 MEUR, fully directed to the short-term fixed income fund. Capital of 7 MEUR was redeemed from the Finnish Properties fund (the fund is open on a different cycle than other open-ended real estate funds). Although the numbers are small and UB has been able to keep its real estate funds open throughout the current real estate fund crisis, this reflects the ongoing redemption pressures still present in the market. Over the last 12 months, UB's sales have been subdued, with net subscriptions at only ~90 MEUR. The company has the potential for significantly 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.