Committee slams asset managers for misleading marketing

Three mutual fund providers in Sweden must rename their funds in addition to paying a penalty.

Swedbank Robur must change the name of one of its funds and pay a SEK 50,000 fee.

The Ethics Committee for Fund Marketing (ENF) has found that the Swedish branch of DNB Bank, Öhman Fonder and Swedbank Robur have acted in contravention of good practice in the marketing of funds by misleading through the names of some of their funds.

In its notification to ENF, the Swedish Consumer Agency claims that the funds "DNB ECO Absolute Return", Nordnet Superfonden Sverige" which are marketed by Öhman Fonder and "Swedbank Robur Kapitaltrygg" are misleading consumers by using the coinages "Absolute Return", "ECO,", "Superfonden and "Kapitaltrygg [Safe capital, -ed].

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