AMWatch

Nykredit closes down Sparinvest's index fund platform

Nykredit will be closing down subsidiary Sparinvest's trading platform Sparindex. Instead, clients will have to access their savings through the Saxo Bank trading platform. (updated)

Mette Harbo Bossow, Director of Indexed Investments at Sparinvest. | Photo: Jeanne Kornum

(Updated with aditional information from Nykredit regarding fresh numbers for AUM and clients)

Danish mortgage banking group Nykredit is closing down the trading platform Sparindex that it acquired when buying the independent asset manager Sparinvest in 2019.

Clients have been informed that from August 15, they will have to access their investments from Saxo Bank's trading platform instead.

Sparindex is one of Denmark's largest providers of listed index funds and manages more than DKK 25.2bn (EUR 3.4bn) through 22 different index funds.

"Every month we are getting new customers who invest directly through Sparindex.dk. But it's a smaller number than through our partners, and we have assessed that this growth is not matching the costs associated with operating the investment platform," Director of Indexed Investments Mette Harbo Bossow states in an email to AMWatch.

As previously reported, the index platform saw the number of customers grow by 40 percent to 11,400 in 2019, and an more than 12,000 new customers in 2020. So far in 2021, 30,000 new customers have invested in Sparindex products, bringing the total number of customers to around 88,000. Of these, around 2,000 customers have bought the funds on the Sparindex platform.

Most significant investment since 2001

Back in 2018, when Sparinvest launched the Sparindex platform, former Sparinvest CEO Per Noesgaard told AMWatch's sister media FinansWatch.dk that the platform was Sparinvest's most significant investment since 2001, when the asset manager launched its first index funds.

According to Harbo Bossow, Sparindex customers will not feel any significant changes.

"The customers already have their account and deposit at Saxo bank – so, therefore, this gives minimal change for the customers. Going forward, customers just need to log in via the Saxo platforms," Harbo Bossow writes.

New Sparindex funds to meet toughest EU climate demands 

Retail clients flock to Danish asset manager's index offering 

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