Inside information: Mandatum acquires Swedish asset manager Cliens and strengthens its position in Nordic asset management
Mandatum plc, Inside information, 13 August 2026 at 8.55 a.m. EEST
Mandatum plc has today entered into an agreement to acquire 78.4 per cent of the shares in Cliens Holding AB, the parent company of Cliens Kapitalförvaltning AB, a Swedish asset manager headquartered in Stockholm. The purchase price is SEK 705 million, corresponding to approximately EUR 64 million1, subject to customary locked box interest and other customary agreed adjustments. The consideration will be paid in cash at completion and financed from Mandatum's existing liquidity reserves and capital.
The transaction supports Mandatum's strategic objective of growing its capital-light business by accelerating international growth in asset management and strengthens Mandatum's presence in the Swedish asset management market. Following completion of the transaction, Cliens will continue to operate independently under its own brand within the Mandatum Group. Cliens' current management and employees will remain shareholders with an ownership of 21.6 per cent, reinforcing their long-term commitment to the company and supporting continuity of the business.
The transaction is expected to be EPS accretive immediately from completion. Mandatum's financial outlook for 2026 and shareholder payout target remain unchanged as a result of the transaction.
About Cliens
Cliens is a well-established, partner-owned asset manager, known particularly for its expertise in equities. Cliens offers nine actively managed funds mainly across equities but also fixed-income strategies, as well as discretionary mandates. The company had assets under management of approximately SEK 36 (31 Dec 2025: 37) billion as at 30 June 2026. Cliens serves around 100 institutional clients and approximately 30 distribution partners, and has 26 full-time employees, including an experienced and award-winning investment management team. In 2025, Cliens' net revenue amounted to SEK 222 (2024: 233) million, EBIT to SEK 123 (2024: 140) million and net income to SEK 99 (2024: 115) million.
Cliens' long-term performance track record has supported the company's strong position in the Swedish market. Its flagship funds, Cliens Sverige and Cliens Småbolag, were recently selected in the public procurement of funds for the Sweden's premium pension platform (PPM).
Strategic rationale
The acquisition supports Mandatum's Nordic expansion ambitions and enhances Mandatum's product offering through complementary equity strategies. Mandatum also sees opportunities for commercial benefits between the companies, including broader combined customer offering and distribution capabilities across asset classes.
"Cliens is a strong strategic fit for Mandatum. It combines a strong long-term investment track record, a highly respected position in the Swedish market and a culture that shares many similarities with us. Cliens' active investment management approach, quality of operations and strong client focus were important factors behind this transaction. Together, we have an excellent platform for accelerating the growth of our asset management business," says Petri Niemisvirta, CEO of Mandatum.
"Sweden is the largest asset management market in the Nordics and a strategically important market for Mandatum. Having built our presence in Sweden for more than a decade, the partnership with Cliens represents a natural next step in our growth journey. Cliens' strong expertise in active equity management, particularly in small and mid-cap equities, complements our offering exceptionally well, while our broader distribution capabilities and expertise across asset classes create opportunities to grow together, both in the Nordics and internationally," says Janne Sarvikivi, EVP, Asset and Wealth Management at Mandatum.
"We are very pleased to join forces with Mandatum. Mandatum is a strong and respected Nordic financial services group with a clear ambition to grow in asset management. We believe Mandatum is the right long-term partner for Cliens, as it understands our investment culture and entrepreneurial way of working, while giving us the support and reach to continue developing the business for the benefit of our clients," says Martin Öqvist, CEO of Cliens.
Timing and conditions
The completion of the transaction is subject to approvals by the Swedish Financial Supervisory Authority and the Swedish Competition Authority, as well as the fulfilment of other customary closing conditions. The transaction is expected to be completed by the end of 2026, provided that the necessary approvals are obtained and the other closing conditions are fulfilled.
ABG Sundal Collier is acting as financial adviser and Mannheimer Swartling Advokatbyrå as legal adviser to Mandatum.
1) Based on EUR/SEK conversion rate of 10.99 on 11 August 2026.
Additional information:
Lotta Borgström
VP, Investor Relations
Tel. +358 50 022 1027
lotta.borgstrom[a]mandatum.fi
Niina Riihelä
SVP, Communications, Brand and Sustainability
Tel. +358 40 728 1548
niina.riihela[a]mandatum.fi
Mandatum in brief
Mandatum is a major financial services provider, combining expertise in asset and wealth management and life insurance. Clients include institutional investors, companies and private individuals. Mandatum offers a broad range of services encompassing asset and wealth management, compensation and rewards, supplementary pensions and personal risk insurance. Skilled personnel, a strong brand and a proven investment track record are at the centre of Mandatum's success. The company has been listed on Nasdaq Helsinki since 2023. mandatum.fi/en/group/
Distribution:
Nasdaq Helsinki
Financial Supervisory Authority
Key media
www.mandatum.fi/