United Bankers acquires Fourton
Summary
- United Bankers is acquiring the entire share capital of Fourton Oy for an estimated 4.2 MEUR through a share exchange, aiming to expand its product offering strategically.
- Fourton, a fund management company with 150 MEUR in assets under management at the end of 2025, reported a revenue of 1.3 MEUR and an operating profit of 0.4 MEUR last year.
- The acquisition is financed by United Bankers' cash reserves and is considered small relative to the Group's total assets under management of 4.9 BEUR as of June 2025.
- This acquisition enhances United Bankers' expertise in Asian markets and European small-cap companies, leveraging its strong distribution network to boost sales of Fourton's funds.
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Translation: Original published in Finnish on 2/11/2026 at 8:08 pm EET.
United Bankers announced on Wednesday that it is acquiring the whole share capital of fund management company Fourton Oy. The transaction is small for United Bankers, but it is a strategically logical step in expanding the company's product offering and complements the current selection well.
A small but strategically suitable bolt-on acquisition
United Bankers is acquiring Fourton's entire share capital through a share exchange, and the fixed purchase price is estimated to be around 4.2 MEUR, excluding any additional purchase price. Fourton is a fund management company founded in 2003, with assets under management of some 150 MEUR at the end of 2025. Last year, the company's revenue was 1.3 MEUR and its operating profit was 0.4 MEUR. We believe the purchase price is at most neutral, and the success of the transaction depends on UB's ability to grow Fourton's funds from their current level. The transaction is small for United Bankers, as the Group AUM totaled about 4.9 BEUR at the end of June 2025. The transaction will be financed with UB's cash reserves.
The product range expands to Asia and European small-cap companies
The arrangement is strategically logical, as it brings new specialized expertise to United Bankers' offering, particularly from Asian markets and small and medium-sized companies in Central and Southern Europe. We have previously estimated that United Bankers is actively looking for small Finnish players that complement its product offering. Fourton would certainly have been an attractive acquisition target for other players in the sector, such as Titanium or Alexandria. United Bankers' strong distribution network provides a solid foundation for increasing sales of Fourton's high-quality funds.
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United Bankers is a Finnish expert on wealth management and investment markets, established in 1986. It is one of the oldest non-bank asset managers in Finland. The Group's wealth management business includes funds, discretionary portfolio management, and structured investment products. In its funds, United Bankers specialises in real asset investment solutions, focusing on forest, real estate, infrastructure, and renewable energy. The company also provides capital markets services. United Bankers' headquarters is located in Helsinki.
Read more on company pageKey Estimate Figures01.12.2025
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 62.1 | 57.9 | 61.7 |
| growth-% | 19.2 % | -6.7 % | 6.4 % |
| EBIT (adj.) | 23.4 | 18.0 | 19.6 |
| EBIT-% (adj.) | 37.6 % | 31.1 % | 31.8 % |
| EPS (adj.) | 1.65 | 1.26 | 1.33 |
| Dividend | 1.10 | 1.15 | 1.20 |
| Dividend % | 6.2 % | 4.9 % | 5.1 % |
| P/E (adj.) | 10.8 | 18.8 | 17.7 |
| EV/EBITDA | 7.0 | 11.8 | 11.0 |
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