Föreningssparbanken, internationally known as Swedbank, saw the profits at Robur, its asset management arm, fall from Skr515m (€56m) to Skr457m last year despite the widespread rally in equity markets.

However, rallying markets and fresh money increased assets under management from Skr206bn to Skr249bn as at last December. Last year's institutional assets under management increased by 32.3% to Skr41bn.