CapMan’s Q3 result fell sharply short of estimates, but in our view, there was no major drama behind the figures, as the miss came from investment operations. Despite the continued challenging fundraising market, we continue to expect strong earnings growth in the coming years, driven by a gradual increase in new sales as well as carried interest and investment income.

Under the new strategy, CapMan’s business operations have turned to strong growth and profitability has improved clearly. Even though the challenging market situation throws a spanner into the works of new sales in the short term, we believe the company has an excellent position in its sector. As a result, CapMan is well positioned to continue its healthy growth also in the longer term, just like the rest of the asset management sector.