The Nordic management companies begin to disembark in Spain. En 2018 aterrizó Storebrand Asset Management, Norway’s largest private manager, with more than 72,000 million euros under management.
Although his first step was timid, since, in principle, he had no intention of actively marketing his funds in the country.
But they join DNB AM, the manager of the largest Norwegian retail bank, and Evli Fund Management Company, a Nordic fund management boutique with a focus on institutional investors. The latter, of Finnish origin, markets its funds through Selinca.
Although the pioneer in our country was Nordea, the manager of Danish bank Nordea Bank.
A cake of 22,000 million euros
With the ‘Brexit’ already being a fact, the foreign managers are looking for powerful economic places to fix their operations in Europe.
And one of them would be Madrid. In fact, when the ‘Brexit’ vote went ahead in the summer of 2016, The large financial companies (banks and insurance companies) began to open branches in the Old Continent, not because they planned to leave London but because it would be easier, in regulatory and operational terms, to carry out their activity.
And, furthermore, investors are receptive to what non-international managers can offer them.
According to Inverco data, the estimated equity figure for the total foreign management company sector stood at 220,000 million euros in December (205,772 million for the 43 management companies that provide data), which represents 25,000 million euros more than in December 2019.
The estimated volume of assets with respect to the previous quarter would have experienced an increase of 17,000 million euros.
This figure includes total sales (not including mandates) to national clients in Spain (both retail and institutional) and to institutions not domiciled in Spain.
Only in the fourth quarter of 2020, international managers would have experienced net subscriptions close to 8,000 million euros, and for the year as a whole, 22,000 million.
By category of funds, it was the equity, ETF or indexed and fixed income funds that attracted the highest investment volume, exceeding 20%.
Sustainable investment within your DNA
These managers have the sustainability as a fundamental part of its DNA and a requirement extended across its range of funds.
They have been incorporating ESG criteria for many years, which were revealed during the crisis as a great resilience and it is expected that investors will pay more attention to these criteria when investing.
For example, DNB AM included ESG factors in its investment approach as early as 1988 and since then they have continuously revised their philosophy and competencies in this area.
DNB Technology is available in Spain (available in retail and institutional classes, denominated in dollars or euros).
It is a global equity fund that invests in the technology sector concentrated in about 50 stocks, representing both technology and other industries associated with the value chain, such as telecommunications and mobile devices with which to access the internet .
The other product that is available in Spain is the DNB TMT Absolute Return. In this case we are talking about a long / short global equity fund, with daily liquidity and a market neutral approach, which seeks ideas in the technology, media and telecommunications sectors.
Evli Target Maturity Fund 2025 invests in issues of Nordic companies from a wide variety of sectors, with an annualized profitability target of at least 3%.
For the manager, these companies are characterized by a high rating in ESG criteria from Nordic companies, which are pioneers in the implementation of these criteria in business management.
Also recently, Evli Infrastructure Fund I Ky launched a fund of funds, and will have invested in 2022 in the 7-10 best infrastructure funds on the market, accessing between 80-120 projects and companies.
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