Translation: Original published in Finnish on 10/9/2026 at 3:19 pm EEST.

According to the Fund Report published by Finnish Investment Research, domestic fund capital decreased by ~2.5 BEUR in September to 224 BEUR from August's record level. Net subscriptions for the entire sector were up by approximately 330 MEUR, which is slightly higher than in August, but clearly below the 12-month monthly average of ~800 MEUR. The decrease in capital was thus entirely driven by value changes, which amounted to around -2.9 BEUR (-1.3%) and were negative across all fund categories.

During the month, money flowed particularly into global and emerging market equity funds as well as short-term fixed-income funds. Net subscriptions for equity funds were in the black by approximately 190 MEUR in total. Allocation funds and short-term fixed income funds each attracted approximately 150 MEUR. Approximately 180 MEUR was redeemed from long-term fixed income funds, while some 400 MEUR flowed out of European investment-grade corporate bond funds, and conversely, nearly 200 MEUR was subscribed to euro area government bond funds. Overall, demand in the domestic fund market remains strong. Net subscriptions for the past 12 months are nearly 10 billion in positive territory and net subscriptions for the current year stand at 6.3 billion, which is an excellent level by all metrics.

Capital of Finnish investment funds (BEUR)

Net subscriptions of Finnish investment funds (AUM)

September was mostly weak for listed asset managers

For the companies in our coverage, September was mostly weak. 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 comment on Titanium on a quarterly basis in separate reviews in accordance with its own reporting cycle.

Aktia's net subscriptions were down by 17 MEUR in September. However, this is almost entirely explained by redemptions of ~30 MEUR from the Aktia Short Corporate Bond+ fund, and adjusted for this, net subscriptions in other funds were roughly 14 MEUR in the black. Since the redemptions were directed at a low-fee short-term interest rate fund, their impact on Aktia's commission income is marginal. Over the past 12 months, net inflows for the funds shown in Aktia's fund report stand at approximately 180 MEUR, which is a reasonable level for Aktia. We also remind that Aktia's international sales and asset management outside the fund report performed well in H1.

Alexandria's net flows were 6 MEUR in the black, and sales were evenly distributed among different products. This is the second consecutive reasonable month, but net subscriptions for the past 12 months are still only around 20 MEUR, which is a very weak level for the company. The company remains under clear pressure to show concrete results from asset management in the H2 figures, as the company has explained the weak sales of funds by its investments in asset management.

For eQ, net subscriptions were over 100 MEUR negative for the second consecutive month. Redemptions were once again broadly distributed across various funds, coming from both equity funds (~70 MEUR) and fixed income funds (over 40 MEUR). We estimate that these are still larger institutional mandates. Although the pricing level of these larger mandates is typically weak, the development is worrying, especially if the departures are driven by customer satisfaction rather than normal tender processes. Net flows for the current year stand at around -400 MEUR and for the past 12 months at approximately -450 MEUR, which corresponds to nearly 13% of the company's fund capital. We remind you that eQ's most important product category (PE) is not visible in the fund report, and the company has significant redemptions pending in both open-ended real estate funds.

Evli's net subscriptions were positive by 33 MEUR in September, but the figure does not tell the whole truth. The positive performance is entirely explained by ~120 MEUR in subscriptions made to the Evli Likvidi fund, and adjusted for this, net flows were nearly 90 MEUR in the negative, driven by redemptions from corporate bond funds. Because the subscriptions were directed at a low-fee liquidity fund and the redemptions at higher-fee funds, the impact of the month's cash flows on Evli's commission income was negative. Evli's 12-month net inflows dropped from ~1.5 BEUR to 0.9 BEUR, as the exceptionally strong month of over 600 MEUR in September last year dropped out of the review period, and the current year's net inflows stand at only about 300 MEUR. Sales have slowed significantly, and the decline in performance is starting to look worrying. Demand in the domestic fund market remains strong, so Evli should be performing clearly better than it currently is.

United Bankers' own net flows were slightly in the red in September (-2 MEUR). For the past 12 months, UB's own net subscriptions stand at approximately 50 MEUR, which is a very modest level for the company. However, Fondita's net subscriptions were a clear disappointment, coming in at over 20 MEUR in the red. The clear slowdown in redemptions at Fondita seen in July and August thus proved to be temporary. Fondita's net subscriptions for the current year now stand at approximately -107 MEUR, which corresponds to roughly a third of its current fund capital. Fourton's cash flows were close to zero, meaning that at the group level, UB's net flows were negative by approximately 25 MEUR. Stopping the outflows at Fondita is critical for UB, as the rationale of the acquisition largely depends on whether UB can eventually turn Fondita's new sales back to growth.

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.