Translation: Original published in Finnish on 6/4/2026 at 8:46 am EEST.

1 = lowest, 5 = highest, previous number in parentheses

We have previously shared our views on the consolidation of the Finnish asset management sector in 2023. Over the past three years, the Finnish asset management sector has undergone many small-scale reorganizations, but no large-scale changes have materialized that would alter the industry’s landscape. Among the smaller deals involving the companies we monitor, we can mention, for example, Evli’s Zenito, CapMan’s Dasos and CAERUS, as well as UB’s Fourton and Fondita.

The drivers of these arrangements in the asset management sector are very clear: increasing regulation forces smaller players to grow to the next size class in one way or another, and, in addition, the potential for synergies of these arrangements is obvious (at least in Excel). There are also a relatively large number of players in Finland whose founders are approaching retirement age, which may act as a catalyst for individual arrangements. In addition, the growth potential for an increasing number of larger players in Finland is becoming more limited than before, which increases interest in international arrangements. A key challenge in these arrangements is related to company culture, and especially in larger mergers, combining two strong cultures has historically proven to be rocky (e.g., Taaleri’s Wealth Management and Aktia).

It is thus easy to predict that activity in smaller arrangements will remain brisk. Wealth management is more popular than ever in Finland, among both clients and service providers. In practice, virtually all capable players are currently investing heavily in asset management, and we believe this trend will also lay the groundwork for larger-scale arrangements in the medium term. In this analysis, we examine how the asset managers we cover fit into this consolidation trend.

Company-specific views

Aktia: Focus on its own game

Aktia is currently focused exclusively on the company's organic development. Following last year's internal turmoil, the situation at Aktia seems to have stabilized, and the company has made clear progress in implementing its strategy. The long-standing underperformance in asset management has also improved. In our view, Aktia is not currently willing to participate in consolidation, but if the positive trend continues, consolidation could be on the agenda in 1-2 years. Aktia's selection of alternative investment products is very limited, so strengthening this area would be a logical strategic move. In practice, this would entail a smaller complementary acquisition. The probability of larger arrangements has clearly decreased due to ownership changes last fall. On paper, Ålandsbanken or eQ would be the most logical Finnish merger partners, but ownership structures and cultural differences make such arrangements unlikely.

Evli: Following with interest, without any pressing need to participate

Evli has an open mind when it comes to M&As, and we believe the company is interested in acquisitions that will accelerate its growth strategy. In Finland, acquisition targets would be smaller, complementary companies (such as Zenito in 2023), which would have minimal significance to the company. From a strategic perspective, it would be significant if Evli were to identify acquisition targets in the Nordic region and expand into a truly Nordic asset manager. In our view, major mergers or a sale of the entire company are not feasible because we believe Evli’s main shareholders want to maintain the company's independence. Naturally, there would be takers for Evli, and on paper, Evli would be an attractive merger partner for many Finnish companies and a highly attractive acquisition target for major international firms.

CapMan: Wants to be active and has a broad interest in various options

CapMan has been very active in M&A, having acquired Dasos (2024) and CAERUS (2025), as well as having divested its service businesses (2023 and 2024). The company is still actively seeking acquisition targets, with specialized European product houses being the most logical. In theory, CapMan could be a potential candidate for a larger merger as well (e.g., with Mandatum, eQ, Taaleri, or Catella), and we believe that CapMan is also interested in larger arrangements in principle. CapMan will certainly continue to be active in the M&A arena, most likely outside of Finland.

eQ: Arrangements would facilitate strategy implementation

Throughout its history, eQ has been open to various M&A activities, and in the new strategy, acquisitions are highlighted as a way to accelerate growth. The company urgently needs a new pillar to complement its existing ones, particularly in light of the challenges in the real estate market that appear to be even greater than previously feared. On paper, eQ could be involved in almost any kind of arrangement. Acquiring smaller asset managers would logically complement the product offering and/or expand the customer base. A merger could also make sense on paper, and possible counterparties could include CapMan or Taaleri. We consider it unlikely that a takeover bid will be made for eQ, at least in the short term, because, although the market value has decreased significantly, uncertainty related to real estate funds and performance fees is likely a threshold issue for a buyer.

Titanium: Clear need to accelerate strategy with restructuring measures

As part of its strategy, Titanium aims to transition from being a product company to being an asset manager. The company’s business is still entirely dependent on the Hoivarahasto fund (accounting for around 65% of revenue), and since the fund is significantly suffering from redemptions, the company urgently needs to diversify its revenue base. Diversifying the revenue base alone would significantly reduce Titanium’s risk profile and thereby create value, so the conditions for M&A are exceptionally strong. The most logical acquisition target would be a firm that specializes in asset management, through which Titanium could gain a stronger foothold in the asset management sector (e.g., Finlandia or B10). Acquiring product houses would also be warranted, and we believe it is clear that Titanium was interested in Fourton and Fondita as well. Due to its dependence on the Hoivarahasto fund, we do not consider Titanium, itself, to be a realistic acquisition target as the price associated with the Hoivarahasto fund remains high despite the decline in stock price.

United Bankers: Setting sights on international waters

UB has stepped up its pace in corporate acquisitions by purchasing Fourton and Fondita in quick succession. The company continues to scout acquisition opportunities, seeking targets both in Finland and in international markets. In Finland, acquisition targets are most likely small, complementary companies, whereas on international markets, larger targets could also be considered. In an AMWatch interview (4/2026), CEO Ojanperä spoke with exceptional candor about the company’s acquisition strategy: The goal of reaching 10 BEUR in AUM by 2028 cannot be achieved without acquisitions, and the ideal target is an international company with 500–1,000 MEUR in AUM. The Nordic countries (particularly Sweden) and the DACH region are on the radar. It is our understanding that UB's owners want to keep the company independent and that UB thus wants to be in the driver's seat in all potential arrangements, even though UB would now be a very attractive acquisition target due to its strong operational development.

Alexandria: Desire is strong, but no dance partner in sight

Among the asset managers we cover, we believe Alexandria is one of the most willing participants in M&A. The most logical path would be to acquire an asset manager, which would accelerate the ramp-up of asset management (e.g., Finlandia or B10). Product houses that would expand the product offering are certainly on the radar, and we consider it practically certain that Alexandria was also interested in Fourton and Fondita. We find it difficult to identify a suitable partner for Alexandria in a large merger and also consider it unlikely that Alexandria would be an acquisition target.

Mandatum: Sector giant in an interesting position

Mandatum's role in the sector's consolidation is particularly interesting. The company is by far the largest by market capitalization (its market capitalization is almost equal to that of the other listed players combined), and it would also have significant leeway for acquisitions based on its balance sheet. Due to the imbalance in market values, Mandatum would be firmly in the driver's seat in any conceivable arrangement. However, we note that, although Mandatum's market capitalization is in a league of its own compared to other players, its asset management business is in the same size class as those of companies such as Aktia, eQ, and Evli. In our view, it would be very logical for Mandatum to strengthen its currently rather narrow product offering through acquisitions, and specialized teams would be a very good fit for the company (e.g., Taaleri Energia). Another interesting opportunity would be a stronger international expansion of operations. While a larger merger with a domestic firm could be justified on paper, the cultural risks associated with a major merger would be obvious. The company's management has also regularly highlighted these risks. Overall, we consider it highly likely that Mandatum will engage in M&A transactions, but their impact relative to its market capitalization will most likely be limited.

Taaleri: Arrangements will certainly happen, but not necessarily on wealth management side

Taaleri is highly likely to experience significant developments at the group level over the next 24 months, as a substantial amount of capital will be released from the company’s balance sheet, which it aims to invest in growth as part of its strategy. We note that acquisitions may not necessarily be directed at the asset management sector and that, in this sector, Taaleri is mainly looking for product houses to expand its current alternative fund product offerings. We believe Taaleri Energia is a very interesting player in the consolidation of the domestic asset management sector. It would be a very good fit for several of the companies we monitor (e.g., Mandatum, eQ, and CapMan), and naturally, there would also be interest in it outside of Finland. Taaleri's attractiveness as an acquisition target is reduced by its complex group structure and, in particular, Garantia. We do not believe that the acquisition of the entire company is realistic, but the sale of individual parts is very possible.