Finnish fund capital closing in on huge milestone in November

Translation: Original published in Finnish on 12/9/2025 at 1:23 pm EET.

According to the Fund Report published by Finnish Investment Research, net subscriptions to Finnish investment funds in November amounted to almost one billion euros. Sales were strong in both equities and fixed income, and sales were also broadly distributed among operators. For the full year, net subscriptions are almost five billion in positive territory, and the entire year is shaping up to be good in terms of new sales. Overall, market sentiment has steadily improved throughout the year, which correlates directly with new sales. Value changes were slightly negative in November, and as a result, fund capital remained just under 200 billion. In all likelihood, in December, in addition to Christmas Eve, we will be celebrating the breaking of the 200 BEUR milestone in domestic fund capital.

Capital of Finnish investment funds (BEUR)

Net subscriptions of Finnish investment funds (AUM)

Development mostly positive for listed asset managers

For the companies we cover, the month was mostly good. 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 will comment on Titanium's sales in a separate comment once it reports its fund sales (the fund report figures have a one-month delay for Titanium).

Aktia saw capital redemptions of some 40 MEUR in November, and the promising sales recovery seen between June and August has clearly faltered since September. Although the redemptions are directed at a single low-fee short-term interest rate fund, the sign of net subscriptions is a clear problem for Aktia. For the full year, Aktia's net subscriptions fell by over 100 MEUR, which is a very weak performance considering the company's product offering suitable for the market situation.

Alexandria's net subscriptions were up by 5 MEUR. Year to date, net subscriptions are up by around 35 MEUR, which is a somewhat subdued performance relative to the company's potential. We note that Alexandria's sales of structured products have performed exceptionally well in the first half of the year, which compensates for the sluggish fund sales. In addition, the company has shifted its organizational resources more towards the sale of discretionary asset management, and this is also likely to be negatively reflected in fund sales.

eQ's net subscriptions were marginally negative in November. For the entire year to date, subscriptions are down by over 70 MEUR, mainly due to redemptions from the Community Real Estate Fund. We note that eQ has postponed redemptions in both open-end real estate funds pending payment, and in our view, the euro amount of these is substantial. Although eQ's private equity sales have performed well given the circumstances, full-year 2025 sales are expected to be very subdued, considering the redemptions in the real estate funds' queue.

Evli's excellent sales in the early part of the year continued, with the company collecting net subscriptions of 235 MEUR in November. Part of this is likely explained by the company's allocation changes to its new Enhanced Index products, as the majority of subscriptions were directed to these funds. In practice, the company has transferred assets from wealth management ETFs to its own Enhanced index funds, and thus this is not new capital. However, the fee level of the company's own Enhanced products is significantly better than that of ETFs, and thus this has a clear positive impact on fee accumulation. In just a few months, the company has raised around one billion euros for its two Enhanced funds. Year-to-date sales have now risen to over 1.5 BEUR, and the company is in a tight race with Mandatum for the title of top seller in the asset management sector for 2025.

United Bankers collected good net subscriptions of 45 MEUR in November, continuing the positive trend that began in June. Sales were almost entirely directed to a low-margin short-term fixed income fund. Although the first half of the year was poor in terms of fund sales, the revitalized pace in H2 has boosted full-year net subscriptions to well over 100 MEUR. We believe the sales level seen in H2 is good for the company, especially considering that it receives very limited support from its alternative funds. As a side note, only a few million in capital left the Nordic Commercial Real Estate fund, and the worst of the real estate funds' redemption rush seems to be over, at least for UB.

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.