The recently announced transaction between Aktia and Taaleri raises a question what will be the next market consolidating move in the domestic asset management industry. Taaleri’s remaining alternative fund business could be a complementary add to CapMan’s fund offering but we believe that CapMan is most likely better off by building its investment teams organically thereby ensuring strong incentives for its key personnel. In the distribution side, the CapMan could benefit from M&A, especially taking into account its strive to expand the customer-base among smaller institutions and high-net-worth-individuals. However, it has recently been building its own CapMan Wealth Services distribution-unit through organic recruits, therefore making a distribution-motivated deal less likely. Therefore, we see CapMan less likely to participate in the domestic asset manager consolidation as a buyer as it has already a good growth setting organically.
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