Norway sees increase in contracted fund investments
Retail investors in Norway signed an additional 60,000 contracts for regular monthly investments into funds over the past year, data from the Norwegian Fund and Asset Management Assocation suggests.
This represented an 8.7% increase in the number of such contracted savings overall in the market, and contributed to the overall growth to monthly investments into equity and balanced funds in particular; such funds now attract some NOK680m (€74m) monthly this way, according to year-end figures.
Norwegians held some 773,00 monthly savings contracts for investments in equity and balanced funds at the end of 2015, with the largest constituent group of investors in the 15-24 age group (12.3% of the market). The monthly average sum invested also increased through the past year, by some NOK80 to hit NOK880 (€95) per month.
In the youngest constituent group tracked for the market figures, the Fund and Asset Management Association said that average monthly savings rose 31% for the 0-14 age group, suggesting that more adults are saving for their children by investing in equity and balanced funds.
However, the yearly average figure mask some diverging trends. For example, the bulk of the new savings contracts were signed in the first half of the year (over 50,000), whle the second half of the calendar year saw a much lower number of contracts signed (about 13,000).
The Fund and Asset Management Association defines the savings contracts (spareavtal) as a regular saving into a securities fund through a set amount via a bank acount, usually on a monthly basis.