Folksam, one of Sweden’s largest insurance groups, has selected Allfunds Bank as its fund distribution platform.
The deal means Folksam gains access to Allfunds’ research team and other elements of support for life and pensions investment strategies.
Folksam’s appointment is a boost for Allfunds, which is working to increase its Nordic presence and Sweden is an important growth market, said Stig Harby, regional manager of central and northern Europe at Allfunds, and insurance companies are a core client segment.
Earlier this year Allfunds reached an agreement to buy the fund platform of Stockholm-based Nordic Fund Market from Nasdaq, which Harby said would give Allfunds more local expertise.
In June, Allfunds joined forces with Credit Suisse to create a wealth platform with over €500 billion in managed assets.
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