Assets at Nordea Investment Management, the asset management arm of Nordea, a Nordic financial services company, rose 11% to hit a record €113bn ($145bn) last year. Profits almost doubled and its market share of the Nordic region grew to almost 19%.

Equity market recovery boosted assets but Nordea's focus on international sales during 2003 proved a success. Nordea's institutional assets rose by €1.5bn of which the majority - €1.2bn - came from US and UK institutions investing in Nordea's international equity products for the first time.