Storebrand Asset Management (SAM) announces fourth quarter 2021 results

Continued robust growth in assets and revenues, reaching new milestones in both. Strengthened Nordic footprint.   

BUSINESS HIGHLIGHTS 

• Record-high level of NOK 1,097 billion in Assets under Management (AuM) 
• AuM growth of NOK 39 billon in Q4 including NOK 12 billion in net flows 
• Continued Nordic expansion in product offerings, local offices, and talent recruitment 
• Won new international mandates of NOK 6 billion from clients outside the Nordics 
  

Strong organic growth 
Storebrand Asset Management's strong organic growth carried on through the fourth quarter of 2021. Assets under management (AuM) grew by NOK 39bn in the quarter, NOK 12bn of which was due to net flows. SAM recorded fixed revenues of NOK 500mn in the quarter, representing both a record high volume of quarterly revenues, as well as year-on-year growth of 11 percent.   

- We have seen continued interest from clients in alternative investments such as private equity, real estate, and infrastructure. It is also notable that ESG is rising among client priorities for all asset classes. Looking forward to 2022, these will all be continued areas of focus for us, as a gateway to the Nordics and sustainable pioneer. The deepening of our partnership with Quantfolio is an exciting step towards boosting service quality for our customers, improving ESG transparency, and can contribute to our scalability across markets, says Jan Erik Saugestad, CEO Storebrand Asset Management. 

At year end, SAM's AuM had reached a new all-time high of NOK 1,097bn. The AuM figure also marks a milestone on the AMX platform, now exceeding the equivalent of USD 1bn from international clients. Growth in AuM for the full year of 2021 totalled NOK 135bn, representing 14 percent growth from the previous year. NOK 43 billion of the growth was due to net flows, with a further NOK 21bn driven by the acquisition of Capital Investment during the year. 

Operating profit totalled NOK 1,056mn in 2021, representing growth of 43 percent compared to 2020.  Total revenues were NOK 2,454mn for the year, reflecting NOK 550mn growth from 2020. Of these revenues, NOK 234mn came from growth of fixed revenues, while NOK 316mn came from performance related revenues. 

Overall, SAM enters 2022 with good business momentum and engaged organization, building on a solid position in terms of AuM, and a strong pipeline with several large mandates currently at play.

Expanded local presence across Nordic countries
Several key steps during the fourth quarter contributed towards Storebrand's strategic growth plans as a local Nordic partner. Storebrand now provides a full spectrum of investment services, supported by localized service, across all major Nordic markets.

The planned opening of a new Storebrand branch in Finland is well underway, to complement existing offices in Norway, Sweden, and Denmark. Meanwhile, local Norwegian regulators granted final approval for Storebrand’s purchase of Capital Investment, strengthening the company’s growth strategy within Nordic alternative assets and its position as gateway to the Nordics.

- With our ongoing talent recruitment across the Nordics, SAM now has over 325 employees, more than half of whom are based in offices beyond our headquarters in Norway. The diversity of our employees is steadily increasing, and we have consistently high levels of engagement, all of which contributes greatly to our ability to serve our growing client base, adds Saugestad.

Alongside the physical expansion, Storebrand's digital service delivery capabilities were boosted by a new stakeholding and strategic partnership with the fintech company Quantfolio. The partnership is expected to help us enhance Storebrand's digital customer experience, improve scalability, and support expansion across markets.

Continued focus on sustainability leadership and impact
Alongside the vital COP26 (climate) and COP15 (biodiversity) sustainability conferences held towards the end of the 2021, Storebrand was active in collective efforts by the investor community to drive policy support for its sustainability commitments.

During the quarter, Storebrand ramped-up active engagement with portfolio companies, particularly in dialogues with portfolio companies, to reduce emissions, halt deforestation and restore biodiversity.

At the close of the year, Storebrand's commitment to sustainability was once again recognized, as the company was listed as one of the 10 percent most sustainable listed companies globally, ranked by the Dow Jones Sustainability Index.   

For more information about our work on sustainable investments and active ownership, read our recent Q4 report, Sustainable Insight >>