Mandatum, part of Sampo Group, is to set up an asset management business to run alongside its life insurance company.
Operating in its home market of Finland, the Nordics and Baltics; Mandatum Life has roughly 300,000 private clients and 20,000 corporate customers.
It offers wealth management, saving and investment services, employee reward and retention, and personal risk insurance services.
The creation of Mandatum Asset Management will see the company provide discretionary and consultative wealth management to institutional and ultra-high net worth clients.
The asset management operations of Sampo Group will be merged into Mandatum AM, which will take over the management of the parent company’s assets and mutual funds.
Both companies will be subsidiaries of Mandatum Holdings.
“This is exactly what we need to take a major growth leap,” said Mandatum Life chief executive Petri Niemisvirta.
“We will see our competitiveness strengthen even on a global scale. The excellent co-operation between Mandatum Life’s and Sampo’s portfolio management units has expanded in recent years. Going forward, both the group’s own and clients’ assets will be managed in one location.”
In addition to his role leading the life insurer; Niemisvirta has been appointed chief executive of Mandatum Group.
Sampo’s chief investment officer, Patrick Lapveteläinen, will take on the role of chairman of the board of directors.
Lauri Vaittinen, senior vice president, investment solutions at Mandatum Life, will be chief executive of Mandatum Asset Management; and Ville Talasmäki, head of allocation at Sampo, will be chief investment officer.
As of 31 December 2020, Sampo Group’s investment assets stood at €22.6bn, with customer assets managed by Mandatum Life at €6.3bn.