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Mandatum will establish Mandatum Asset Management, a business focusing on asset management, alongside its life insurance business. At the same time, the Group’s corporate structure will change. The change is geared towards achieving growth.
Mandatum will become a major provider of asset management services to customers when Sampo Group’s asset management operations are merged to form a business within Mandatum Group. Mandatum Asset Management will engage in fund business and provide Sampo Group with discretionary and consultative wealth management and manage both Sampo Group’s assets and mutual funds.
The change is geared towards achieving both growth and operational synergies.
“This is exactly what we need to take a major growth leap. 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,” says Mandatum Life’s CEO, Petri Niemisvirta.
Mandatum Life (personal insurance, reward solutions, pension insurance, private wealth management) and the to-be-established Mandatum Asset Management, (institutional and UHNWI wealth management) will be subsidiaries of a parent company named Mandatum Holding. Sampo’s investment unit will transfer to Mandatum Asset Management. The process to change the corporate structure will be initiated immediately. Mandatum Group’s Chief Executive Officer will be Petri Niemisvirta and Sampo’s Chief Investment Officer Patrick Lapveteläinen will take on the role of chairman of the Board of Directors. Petri Niemisvirta will also continue as Mandatum Life’s CEO. Lauri Vaittinen, Senior Vice President, Investment Solutions at Mandatum Life, will be Mandatum Asset Management’s Chief Executive Officer, and Ville Talasmäki, Head of Allocation at Sampo plc, will be its Chief Investment Officer. The change is subject to the approval of the Finnish Financial Supervisory Authority.
Sampo Group’s investment assets at the end of 2020 stood at EUR 22.6 billion and customer assets managed by Mandatum Life at EUR 6.3 billion (31 December 2020).
For more information, please contact:
Petri Niemisvirta, CEO, firstname.lastname@example.org, tel. +358 50 088 4310
Lauri Vaittinen, Chief Executive Officer of the to-be-established Mandatum Asset Management, email@example.com, +358 50 382 1674
Niina Riihelä, Vice President, Marketing and Communications, firstname.lastname@example.org, tel. +358 40 728 1548
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