Danske Bank Pulls Wealth Management Expertise Together

Nick Parmee

19 December 2006

From 1 January 2007, the Danske Bank Group is gathering all its wealth management expertise into its Danske Capital division. Danske Capital will be responsible for wealth management services for the group’s retail banks, including the development of products and advisory services in the fields of investment, loans, pensions and tax. Niels-Ulrik Mousten, senior executive vice president, has been appointed head of Danske Capital and a member of Danske Bank’s executive committee. He joined Danske Capital in 2001. Danske Capital will support the retail banks and deliver wealth management services to customers outside the group’s home markets through Danske Bank International in Luxembourg. Danske Capital will also provide asset management services such as pooled investments, mutual funds and portfolio management to be sold both through the retail banks and directly to companies, institutional investors and external partners. There are currently more than 2,400,000 wealthy individuals in the Nordic region, holding more than €400 billion ($523 billion) in onshore liquid assets, according to research reported in WealthBriefing in September, with the Nordic wealth market set to grow to €615 billion by 2010.