Translation: Original published in Finnish on 8/11/2026 at 1:11 pm EEST.

According to the Fund Report published by Finnish Investment Research, Finnish fund capital continued to grow strongly in July. Net subscriptions totaled just under 800 MEUR. Net subscriptions over the past 12 months are now over 9 BEUR in positive territory, which is a very high level compared to history. Fund capital remained at just over 220 BEUR as the market took a breather in July. Overall, the first half of the year went exceptionally well in the Finnish fund market, with both capital and new sales setting records despite uncertain market conditions. In our view, H1 is, in fact, excellent evidence that investors have learned to tolerate geopolitical crises much better than before. This is logical, of course, given that crises have practically followed one after another for the entire decade.

Capital of Finnish investment funds (BEUR)

Net subscriptions of Finnish investment funds (AUM)

Development was mixed for listed asset managers

For the companies we cover, July was a mixed month. 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 comment on Titanium quarterly in separate reviews.

Aktia’s net subscriptions were up by around 22 MEUR in July. Over the last 12 months, the net subscriptions for Aktia's funds shown in the fund report total almost 300 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 subscriptions were well in the red as funds were once again redeemed from the company's real estate fund. Alexandria's net subscriptions for the first half of the year are marginally in the red, which is, of course, a very weak performance. The organization's focus in the first half of the year has clearly been on ramping up asset management and sales of structured products. While sales of structured products have performed exceptionally well, the development of asset management remains unclear. More information on this will be available with the H1 earnings release next week.

eQ's net subscriptions were close to zero. 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. Additionally, we would like to remark that the company has significant redemptions pending in both of its open-ended real estate funds.

Evli’s sales in July were 60 MEUR. This is a marked slowdown from the intense sales around the turn of the year, when the company launched its new index products to which it transferred substantial capital from external ETFs. Sales over the past 12 months remain at an impressive level of over 1.5 BEUR. The average monthly sales level of around 40 MEUR seen in April-July is modest for Evli, and the company should be able to achieve significantly better sales than this.

United Bankers’ own net subscriptions were marginally positive, taking Fourton and Fondita into account. Over the past 12 months, UB’s own net subscriptions have totaled approximately 80 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 this sense, July's near-zero figure is at least a small step in the right direction, as the rationality of the Fondita acquisition largely depends on UB's ability to halt the sharp outflow and eventually turn it into 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.