Legal claim saw DNB Asset Management's profit nosedive in Q1

DNB AM saw its home retail market share increase to more than a third following the launch of several new funds in Q1. The Norwegian asset manager's AUM was negatively impacted by corona.

Photo: Ints Kalnins/Reuters/Ritzau Scanpix

DNB Asset Management's profit in Q1 totaled EUR 3.8 million compared to EUR 15.8 million in Q4 2019.

Operation expenses rose to EUR 26.4 million, of which EUR 15 million is related to a class action lawsuit, where DNB's asset management arm has been forced to compensate around 180,000 clients for overcharging fund investors.

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