Invesco ups Nordics presence

The asset manager is moving into the Nordic region one deliberate step at a time.

Invesco’s Nordic presence is currently very different from other European markets, such as the UK, where the Invesco Perpetual brand is well known at both retail and wholesale levels, says Olivier Brouwers, its head of wholesale Benelux and Nordics.

Historically, the presence of New York Stock Exchange-listed Invesco Ltd – with its $653bn under ­management globally – started on the ­continent at the end of the 1980s.

This accelerated through the 1998 ­acquisition of LGT Asset Management, having a dedicated investment team in Germany, Brouwers says.

A quick review of the provider’s local market websites shows that in bigger continental markets the Invesco brand is increasingly being complemented by other areas of expertise, such as Invesco PowerShares ETFs, and Invesco Real Estate.

Hitting the top five

It has become one of the top five ­foreign asset management companies in Italy which, along with France and Germany, has been an important market.

It entered Benelux via Brussels a decade ago, which also became a service hub for the Nordics.

Brouwers himself has been involved with Nordics since 2005, and has been working to increase the presence of local representatives, such as Nicklas Fornander, head Nordics-ex-Finland, who previously worked as head of research at Skandia and Skandia Link.

In June this year, Fredrik Cygnaeus was hired as head of Wholesale Sales for the Nordic region, working out of the regional sales and ­customer ­support centre in Stockholm. ­

Cygnaeus previously spent nine years at Fidelity as relationship director for the Nordic region.

The local presence is developing, but it is doing so at a deliberate pace, Brouwers explains.

“Invesco wants to grow gradually in the regions where we operate. Depending on the needs of specific markets and the suitability of their product range, Invesco will set up an office, with client relationship ­managers and support team in place.

“This is what Invesco has done in Benelux in 2000 and is now doing in Stockholm with the opening of an office on 15 August.

“Our view is that we first need to understand the markets where we want to be and understand the potential before penetrating it further. As a result, one could say that we have a growth strategy over the medium and long term and when we commit to a market it is not for the short term.”

The importance of understanding the local market before hiring more people is particularly important in a location such as Stockholm.

 

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