An $85 Billion Asset Manager Is Staying Away From Nordic Banks
By-
Long coveted for their safety, Nordic banks have grown costly
-
PineBridge now sees better value in southern European banks
Nordic banks, long considered among the safest in the world, are losing their appeal as an investment target, according to PineBridge Investments, a multi-asset manager that oversees about $85 billion.
Graeme Bencke, the portfolio manager who heads equity strategy at PineBridge in London, says the circumstances that made banks in Sweden, Denmark, Norway and Finland a “good investment in the post-crisis period” no longer exist.
“Now, we’re in more of an upswing and a lot of the European banks that had been in trouble, southern European in particular, are now starting to see an incremental improvement,” Bencke said in an interview in Stockholm. “So there’s a much bigger inflection point in valuation in those banks than there is in the Nordics. That’s kind of keeping us away from the Nordic banks.”…
An $85 Billion Asset Manager Is Staying Away From Nordic Banks
