Key managers buy more Nordea stock

Updated shareholder data point to a number of local asset managers increasing their holdings in Nordea, through the recent sale of some 260 million shares previously held by the Swedish state following the bailout of the banking sector in the 1990s.

According to the data, sourced from SIS Ägarservice and cited by local media such as Dagens Industri, manager Alecta Fonder acquired 13 million shares, or some 0.3% of the pan-Nordic bank. This took Alecta’s holding to some 66 million shares, or about 1.6% of the bank.

Varma Pensionsförsäkring, Skagen fonder, Swedbank Robur fonder and AMF all acquired about 5 million shares each. However, Finnish insurance group Sampo did not increase its holding. It still remains the largest single owner, with some 21% of the shares.

Soverign wealth funds were also active in the shape of the Saudi Arabian Monetary Agency, which acquired some 9 million shares, or about 0.2% of the stock, taking its holding to about 31 milion shares.

According to Nordea shareholder data to the end of June, other key shareholders include the Norwegian sovereign wealth fund – Pension Fund Global – SHB Funds, SEB Funds, Skandia Life Insurance, SPP, as well as the first, second, third and fourth AP funds, which are the so-called ‘buffer funds’ in the Swedish national pension system.

Nordea’s second quarter results published on 17 July suggested the bank has maintained a relatively high Core Tier 1 ratio of 14%, up from 11.8% the same time last year. Operating profit was unchanged over the half year compared to the similar period in 2012.

In the past year shares have traded from a low of SEK57.5 to a high of SEK83.9. The five-year low seen in 2009 was SEK30.25.


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