Commerzbank has agreed to sell Nordea Investment Funds' (NIF) products in Germany, an arrangement which would have been considered inconceivable just two years ago.
The German bank has opened its substantial distribution network to the Luxembourg-domiciled fund provider 'to join an exclusive circle of companies in the area of fund co-operation.'
German banks, who control the lion's share of the country's fund distribution, began to open their networks to third-party funds after Deutsche Bank made the sensational decision last year to sell Invesco funds.
Through this latest agreement, NIF will sell 30 funds ' falling under the Nordea 1 Sicav ' to German investors, accessing Commerzbank's three million private banking clients.
'Despite market conditions, NIF continues to attract new investors across Europe,' said Jan Stig Rasmussen, managing director. 'Our ongoing success is testament to both the investment approach we employ and the approach we have towards business support.'
Went into administration April 2018
Threat of legal action looms over Woodford IM
View from the front row
Retirement Planner Forum 2019