eQ

The effects of rising interest rates vary significantly from company to company. The biggest winners are fixed-income asset managers.

We estimate an average earnings growth of almost 20% for asset managers in 2026, driven by record-high AUM levels.

Net subscriptions to Finnish investment funds in February amounted to almost two billion euros.

Finnish investment funds once again received net subscriptions of over one billion euros in January, with capital climbing to a new record of 205 BEUR.

Sales were strong in both equities and fixed income, and sales were also broadly distributed among operators.

For asset managers on Nasdaq Helsinki, the trend has been mixed. The market situation has been very challenging for operators focusing on alternative investments, particularly real estate, while traditional asset management has continued to grow strongly.

For financial companies, 2025 has been very positive in terms of the operating environment, with strong capital market development and stabilized interest rates. However, the performance of the companies has been varying, and many companies we follow have suffered particularly from the subdued development of alternative investment returns (new sales and performance fees).