Translation: Original published in Finnish on 9/10/2026 at 7:50 am EEST.

According to the Fund Report published by Finnish Investment Research, domestic fund capital rose to a new record of 226 BEUR in August. However, the growth came almost entirely from valuation changes and particularly from Nordea. Net flows for the entire sector were just under 100 MEUR positive, and value changes excluding Nordea were moderately positive. In our interpretation, Nordea's changes are almost entirely explained by technical factors, as Nordea has likely transferred the domicile of its capital to Finland. This should be adjusted for in the figures.

Overall, the beginning of the year has gone excellently in the domestic fund market, with both capital and net flows continuously setting new records. For the past 12 months, net subscriptions are over 10 billion in positive territory, which is an excellent level by all metrics.

Capital of Finnish investment funds (BEUR)

Net subscriptions of Finnish investment funds (AUM)

Listed asset managers experienced largely subdued performance

For the companies we follow, August was mostly subdued. We note that in this review, we only comment on the 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 on a quarterly basis in separate reviews in accordance with its own reporting cycle.

Aktia's net subscriptions were down by 20 MEUR in August. Over the last 12 months, the net subscriptions for Aktia's funds shown in the fund report total almost 200 MEUR, which is at least moderately good for Aktia. We also note that Aktia's sales have developed excellently in H1, and international sales outside the fund report have performed well, as has asset management. It seems that Aktia has finally gotten its asset management operations in order after a long period of struggle.

Alexandria's net flows were 7 MEUR in the black, which has historically been a so-called normal level for the company. For the past 12 months, sales stand at around 20 MEUR, which is a very low level for the company. In connection with the H1 results, the company openly acknowledged that the weakness in fund sales was explained by the roaring demand for structured products and the organization's focus on wealth management. The company is under clear pressure to show concrete results in asset management in the H2 figures.

eQ’s net subscriptions were 110 MEUR in the negative, and exceptionally, this is not explained by real estate funds. Net inflows were evenly distributed across various funds, and we estimate that the company has likely lost a larger institutional mandate. Although the role of traditional asset management is limited for eQ, and the fees for large institutional mandates in Finland have been driven down very low, the development is still negative for eQ. 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. In addition, we remind investors that the company has significant redemptions pending in both of its open-ended real estate funds.

Evli's net flows were negative at -40 MEUR in July. This is practically entirely explained by redemptions from the money market fund, and adjusted for this, net flows were about 30 MEUR in the black. Evli's 12-month new sales remain at a staggering level of nearly 1.5 BEUR, but this is largely explained by proprietary index products launched last year, into which the company transferred significant capital from external ETFs. Net sales for the current year are only 270 MEUR, which is a modest level for Evli. The company should be able to perform clearly better than this, as the current market situation is excellent for Evli.

United Bankers' net subscriptions were slightly in the red when taking into account Fourton and Fondita, which were acquired earlier in the year. Over the past 12 months, UB’s own net subscriptions have totaled approximately 65 MEUR, which is a very modest amount. As for Fondita, the 12-month net subscriptions tell a grim story, falling well over 100 MEUR into the red. In July-August, Fondita's cash flows have remained in the red, but clearly less so than in the early part of the year. This is critical for UB, as the rationale behind the Fondita acquisition largely depends on how UB can stem the sharp outflow and ultimately return it to growth. Fourton's net subscriptions for the last 12 months are slightly negative. Overall, UB's sales are currently well below their potential, and the company should have the prerequisites for significantly stronger new sales than at present. However, this will likely require better traction for its spearhead 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.