FINLAND - Finnish insurance giant Sampo and Helsinki-based Mandatum Fund Management have struck a deal over their asset management and mutual fund businesses.
From the end of November Mandatum's mutual fund unit will be taken over by Sampo Fund Management in a deal that “does not presuppose measures of the fund unit holders, nor does it have an impact on the value of the fund units or cause tax implications to the fund unit holders,” said Sampo.
The move brings the aggregate value of mutual fund business to EUR2.3bn, and an extra 3% rise in market share which now stands at 17.4%.
Mandatum's and Sampo's asset management businesses will also be centralised into one company so that the business operations of Mandatum Asset Management will be combined with Mandatum Omaisuudenhoito, previously Sampo-Leonia Asset Management.
Mandatum Omaisuudenhoito is in charge of the majority of the investment operations of Sampo Fund Management’s funds as well as of the contractual asset management of companies and corporations.
The total value of the contractual assets managed by Mandatum Omaisuudenhoito (including mutual funds) amount to around EUR10bn, of which the Sampo Group has a share of less than 10%.
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