Translation: Original published in Finnish on 6/10/2026 at 10:34 am EEST.

According to the Fund Report published by Finnish Investment Research, Finnish fund capital continued to grow briskly in May. Net subscriptions were up by over a billion once again, and the markets have already fully recovered from the brief jitters in March. Over the past 12 months, net subscriptions have now reached nearly 9 BEUR in positive territory.  With favorable market momentum, capital reached a new record of 218 BEUR. Overall, the impact of the war in Iran on fund investors turned out to be very small, which supports our stance that investors have learned to tolerate geopolitical risks better than before. This is not much of a surprise, though, given the continuous crises of recent years.

Capital of Finnish investment funds (BEUR)
 

Net subscriptions of Finnish investment funds (AUM)

Development was mixed for listed asset managers

For the companies we cover, May was volatile, but considering the impact of the war, its effect on the companies' figures has turned out to be negligible. We note that in this review, we only comment on companies under our coverage that report their up-to-date monthly statistics in the Fund Report. Thus, Taaleri, Mandatum, and CapMan are excluded from the review. We comment on Titanium quarterly in separate reviews.

Aktia’s net subscriptions in May were over 200 MEUR positive, which is the highest monthly level of this decade. Just over half of the sales can be attributed to a single fund, which we estimate involves a large investor, possibly international. Overall, Aktia had an excellent sales performance in May, and as a result, its 12-month rolling net subscriptions rose to over 350 MEUR. While this level is still not great in relation to Aktia's sales potential, the direction is right. Additionally, we note that the company has improved its asset management new sales in recent quarters (not reflected in funds), and its asset management sales performance overall has clearly improved from its previously unacceptably sluggish level.

Alexandria's net subscriptions were a few million in positive territory. Alexandria's fund sales have been sluggish for some time now, which we believe is due to the organization's focus on ramping up asset management and record-strong sales of structured products.

eQ’s net subscriptions were negative by around 24 MEUR, and redemptions were broadly directed at various traditional funds, whose significance for the company's business is limited given its focus on alternative products. We note that eQ's most important product category (PE) is not included in the fund report, and its sales will play a critical role as the company attempts to regain growth. Additionally, we would like to remark that the company has significant redemptions pending in both of its open-ended real estate funds. 

Evli’s sales in May totaled 50 MEUR, which is a modest figure compared to the company's extremely strong development in recent years. Despite a weak March, net subscriptions for the last 12 months are at a staggering level of around 1.5 BEUR. We note that a significant portion of the net subscriptions in the last 12 months is explained by new Enhanced Index products, to which the company has transferred assets from wealth management that were in ETFs (Enhanced product sales ~1.3 BEUR). Thus, this is not new capital, but the fee level of Evli's own Enhanced products is significantly better than that of ETFs, and therefore this has a clear positive impact on fee accumulation. 

United Bankers’ own net subscriptions were negative by around 10 MEUR, while including Fondita and Fourton, they were negative by around 25 MEUR. Over the last 12 months, UB's sales have shown slight improvement, with net subscriptions of around ~120 MEUR, excluding Fondita and Fourton. The company clearly has the potential to perform at a higher level, especially following the Fondita and Fourton acquisitions.
We remind investors that the development of fund capital should be monitored over a longer period, in addition to individual months. The significance of mutual fund capital also varies significantly between companies.