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Danske's AUM rose by 3 percent in the first quarter

Assets under management at Denmark's largest banking group rose by DKK 18.9bn (EUR 2.5bn) in the first quarter of the year, lagging behind Nordic competitors like Swedbank Robur and Handelsbanken.

Danske Wealth Management is based in Lyngby in the northern suburbs of Copenhagen. | Photo: Mogens Flindt

Danske Bank Asset Management saw assets under management, including assets from group entities, increase by 3 percent to DKK 772bn (EUR 103.8bn) in the first quarter of 2021. 

Over the course of 2020, there was an increase of 22 percent.

"Assets under management in Asset Management increased, driven partly by customers moving deposits to investment products," Danske Bank writes in its first-quarter report, which was released on Thursday.

On Wednesday, Swedbank Robur reported an increase in assets under management of 9 percent to SEK 1,324bn (EUR 130.7bn) during the first quarter of the year. Last week Handelsbanken announced an increase of 10.3 percent in assets under managementm up to SEK 933bn (EUR 92.1bn).

In another announcement on Thursday, SEB reported an AUM increase of 5 percent to SEK 706bn (EUR 69.7bn).

During the first quarter, assets under management from Danske's institutional clients increased by 3 percent to DKK 477bn (EUR 64.1bn), while assets from retail clients rose by 2 percent to DKK 295bn (EUR 39.7bn).

Compared to Q1 2020, the increases were 23 and 21 percent, respectively.

Excluding assets from group entities, AUM increased by 1 percent to DKK 602bn (EUR 81bn) in the first quarter and by 35 percent compared to the first quarter last year. 

In the first quarter, income from Asset Management fell to DKK 554m (EUR 74.5m) – of which performance fees accounted for DKK 24m (EUR 3.2m) – down from DKK 1133m (EUR 152.4m) in Q4 2020, with performance fees accounting for DKK 628m (EUR 84.5m). Compared to the same quarter last year, income increased by 12 percent.

In the first quarter, the Asset Management business accounted for 14 percent of the total group income of DKK 3,919m (EUR 527m), down from 23 percent one year ago.

Substantial growth at most of the big Nordic asset managers 

 

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