Sampo merging asset management operations into new entity

Sampo Oyj is establishing a new asset management business, Mandatum Asset Management, within its Mandatum Group.

The new business will provide discretionary and consultative wealth management services for Sampo and manage the Finnish insurer's assets and mutual funds. At the end of 2020, Sampo's investment assets stood at €22.6 billion and Mandatum Life Insurance Co. Ltd. managed €6.3 billion in customer assets.

Sampo's investment unit will transfer to Mandatum Asset Management, which, along with Mandatum Life, will become subsidiaries of a parent company named Mandatum Holding. The structure change will commence immediately, according to a statement.

Lauri Vaittinen, senior vice president of investment solutions at Mandatum Life, will be the CEO of Mandatum Asset Management, while Ville Talasmäki, Sampo's head of allocation, will be its chief investment officer. Sampo's chief investment officer, Patrick Lapveteläinen, will become chairman of the board of Mandatum Group, while Petri Niemisvirta will be its CEO and continue as the chief executive of Mandatum Life.

The changes are subject to approval of Finland's Financial Supervisory Authority.