Finnish fund capital started the year with strong net subscriptions

Translation: Original published in Finnish on 2/10/2026 at 3:55 pm EET.

According to the Fund Report published by Finnish Investment Research, domestic investment funds received net subscriptions of over one billion euros in January. Sales were particularly strong in fixed income funds. Net subscriptions for the last 12 months are now over 6 BEUR in positive territory, which is an excellent level 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 205 BEUR.

Capital of Finnish investment funds (BEUR)

Net subscriptions of Finnish investment funds (AUM)

Development varied for listed asset managers

For the companies we cover, January was a mixed bag. Several of the companies we follow continue to suffer from challenges in alternative funds, which is also reflected in their new sales. 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 it reports its fund sales (the figures in the Fund Report have a one-month delay for Titanium).

Aktia's net subscriptions were negative by 17 MEUR in January, continuing the subdued sales trend in Finland. Over the last 12 months, net subscriptions have been negative, which is a weak performance considering the company's interest-rate-heavy product offering and expertise.

Alexandria's net subscriptions were down by 7 MEUR due to redemptions from the open-ended real estate fund. For the last year, net subscriptions are up by only around 30 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, which compensates for the sluggish fund sales. In addition, the company has shifted 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. eQ still has significant redemptions pending in its open-ended real estate funds, which will put pressure on net subscriptions for open-ended funds during 2026. At the same time, it is worth noting that eQ's other pillar, Private Equity, has continued to grow.

Evli continued its excellent development, and net subscriptions once again rose to over 200 MEUR. Sales were strong across various products, and the distribution of new sales was of high quality. For the last 12 months, net subscriptions are approaching 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 ~1.2 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' net subscriptions were slightly positive in January. Over the last 12 months, UB's sales have been subdued, with net subscriptions at only ~70 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.