Independent asset managers grab Danish wealth clients from banks

As the riches of wealthy Danes increase, so the market share of non-bank asset managers operating in the wealth management sector is also on the rise. AMWatch focuses on these independent asset managers as they pursue wealthy clients, drawing them away from the private banking departments of Denmark's traditional banks.

Thomas Wandel (left) is partner and Thomas Juul-Larsen (right) is founder and CEO of Mermaid Asset Management. Juul-Larsen worked in New York for Swedish SEB and Dutch ABN AMRO before founding Mermaid Asset Management. | Photo: PR: Mermaid Asset Management

Private wealth management is not the exclusive domain of companies with names ending in 'bank' – a simple Google search for the term will tell you that. These days, wealth managers advertise their services extensively using financial buzzwords such as 'high returns' and 'low costs'. But one word appears again and again: independent.

Last December, the Danish Financial Supervisory Authority published an annual assessment entitled "Investment Service Companies’ Market Development in 2016".

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