AMWatch

Nordea Asset Management's profit slides in Q2 as lower fees take their toll

Nordea Asset Management saw AUM increase in Q2 following the rebound on financial markets and inflow from institutional and third-party fund distribution. The AUM is, however, still lower than at the turn of the year.

Photo: INTS KALNINS/REUTERS / X02120

Nordea Asset Management’s (NAM) operating profit landed at EUR 48m in the second quarter, down 16 percent compared to Q1 2020, when profit landed at EUR 63m, and down 24 percent compared the first quarter.

NAM's income was EUR 89m in Q2, which is 7 percent lower than the same quarter last year, at EUR 98m and down 14 percent from Q1 2020, when income came to EUR 103m. Asset management commissions were EUR 340m in the second quarter compared to EUR 361m in the same period last year. For the first half of 2020, the commissions accounted for EUR 699m compared to EUR 708m in 2019. 

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