Nordea Asset Management has spun off its alternatives unit, to become a private markets boutique in its own right.
The private markets business will be led by Lea Vaisalo, who was named head of alternatives at Nordea in 2022. It will no longer be part of the external manager selection team led by Anders Bertramsen.
According to reporting by Citywire, the private markets team will be focused on environmental, social and corporate governance (ESG) integration and impact venture strategies.
Nordea is making a number of structural changes to its business this year, as it focuses on future growth areas.
As well as creating a dedicated private markets firm, the company has also announced plans to wind down its emerging markets debt boutique, stating that “broader market factors have resulted in sub-par commercial results”.
It intends to outsource the portfolio management of its emerging market debt portfolios to an external asset manager. Following this transition, Nordea’s emerging market debt team will be closed down.
The Nordic asset manager has approximately €241bn (£206,36bn) in assets under management. It has a focus on sustainability and aims to become a net zero bank by 2050.