eQ

Sales were strong in both equities and fixed income, and sales were also broadly distributed among operators.

For asset managers on Nasdaq Helsinki, the trend has been mixed. The market situation has been very challenging for operators focusing on alternative investments, particularly real estate, while traditional asset management has continued to grow strongly.

For financial companies, 2025 has been very positive in terms of the operating environment, with strong capital market development and stabilized interest rates. However, the performance of the companies has been varying, and many companies we follow have suffered particularly from the subdued development of alternative investment returns (new sales and performance fees).

According to the Fund Report published by Finnish Investment Research, net subscriptions to Finnish investment funds in November amounted to almost one billion euros.

Asset managers' results declined sharply during the first half of the year. However, underlying factors include challenges in the real estate market and a decline in performance fees, and the operational development shown below has been largely positive. The outlook for the sector is positive, and as long as geopolitical risks remain in the background, companies in the sector are poised for robust earnings growth in the second half of the year.