AMWatch

Top Nordic AM exec: "Small acquisition opportunities make no sense to us"

Nordea Wealth Management once again grew in terms of managed assets, surpassing EUR 300bn in the first quarter. The size alone makes acquisitions in Denmark uninteresting. 

Norwegian Snorre Storset (48) became head of wealth management at Nordea in 2016.

New regulation and technology make it harder still for small and medium-sized asset managers to run a profitable business with future growth.

One of the consequences became particularly evident when Nykredit handed in their conditioned acquisition bid to shareholders of Sparinvest, who manages assets worth just under DKK 100bn. The industry is characterized by lively talks of further consolidation. But it is unlikely that Nordic giant Nordea Asset and Wealth Management (Nordea AWM) will be an active participant in a wave of consolidation.

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