DNB Asset Management

What DNB Asset Management does

DNB Asset Management AS is the dedicated mutual fund management subsidiary of DNB Bank ASA, Norway's largest financial services group. The firm manages a comprehensive fund range spanning actively managed equity strategies (thematic, regional, and sector), fixed income strategies (Nordic investment-grade, Nordic high yield, global investment-grade, money market), and index/enhanced index strategies tracking MSCI World, MSCI Emerging Markets, and custom Nordic benchmarks. The product platform is organized under Norwegian-domiciled funds regulated by Finanstilsynet and a Luxembourg-domiciled "DNB Fund" range regulated by the CSSF for cross-border European distribution.

Distribution is bifurcated: retail investors are reached through DNB Bank's Norwegian branch network and the dnb.no digital platform, while institutional clients (pension funds, insurance companies, family offices, sovereign wealth funds) are served by dedicated relationship managers covering the Nordics and continental Europe via offices in Stockholm, Luxembourg, Zurich, and Madrid. The firm operates multiple share classes (A through S) with differentiated fee structures for retail and institutional investors, and revenue is generated entirely through recurring management fees on assets under management.

Recent strategic activity centers on thematic product expansion (Sport & Entertainment, Critical Materials, Nuclear Energy, European Defence, Disruptive Opportunities), active cornerstone-investor participation in Nordic IPOs and private placements (NOBA Bank Group, BioMar Group, Magnora Data Center, Elkem), and continued internationalization of institutional sales coverage. The firm does not separately disclose standalone revenue or AUM, as these are reported within DNB Bank ASA's consolidated group financials.

Name

DNB Asset Management

Legal name

DNB Asset Management AS

Website

https://dnbam.com

Company type

Private

Founded year

2003

Operating status

Operating

Short description

DNB Asset Management AS is the mutual fund management subsidiary of Norway's DNB Bank ASA, offering active and index equity, fixed income, and thematic funds to Nordic retail investors via DNB's branch network and to European institutional clients through offices in Oslo, Stockholm, Luxembourg, Zurich, and Madrid.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

akta.pro secondary industries

Discretionary Portfolio Management (DPM) (FSAAABAC), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Fund of Funds & Multi-Manager Mutual Funds (FSAAAEAL)

Keywords

• Asset management services
• Mutual fund management
• Equity fund investing
• Fixed income funds
• Responsible investment solutions

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Fund Management Fees: DNB Asset Management generates revenue primarily through management fees charged on assets under management across its fund range. Fees vary by fund type and share class, with equity funds typically charging higher fees than fixed income funds. The firm offers multiple share classes (A, B, C, D, E, F, G, H, S) with different fee structures to accommodate various investor types and investment amounts.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

DNB Asset Management AS is the dedicated asset management division of DNB Bank ASA, managing a broad range of mutual funds spanning equity, fixed income, money market, and alternative strategies for retail and institutional investors. The firm offers active and index-tracking funds with Nordic and global mandates, and integrates ESG screening and responsible investment criteria across its fund range. Distribution occurs via DNB Bank's branch network in Norway, the corporate website, and dedicated institutional sales offices across Europe.

Product overview

DNB Asset Management offers a comprehensive suite of investment funds organized into equity funds, bond/fixed income funds, and index funds. The equity fund range includes specialized thematic funds (DNB Teknologi, DNB Fund Disruptive Opportunities, DNB Nuclear Energy, DNB European Defence, DNB Sport & Entertainment), regional funds (DNB Nordisk Utbytte, DNB Fund Nordic Small Cap, DNB SMB, DNB Global Emerging Markets), and a sector fund (DNB Finans). The fixed income range spans Nordic bonds (DNB Obligasjon, DNB High Yield, DNB Obligasjon Norden), global bonds (DNB Global High Grade, DNB Global Credit), and liquidity funds (DNB Likviditet). The index fund family includes global indices (DNB Global Indeks, DNB Global Marked Valutasikret, DNB Global Enhanced Index, DNB Global Enhanced Plus), small cap funds (DNB Global Enhanced Small Cap), and emerging market indices (DNB Global Emerging Markets Indeks). All funds are managed in accordance with DNB's responsible investment guidelines and are regulated by Norwegian Finanstilsynet or Luxembourg CSSF.

Differentiator

Problem solved

Functional benefit

Brands

• DNB Fund: A Luxembourg-domiciled fund range marketed internationally, encompassing equity, fixed income, and alternative strategies under DNB Asset Management's management, regulated by CSSF.

Products and services

• DNB Teknologi Actively managed equity fund investing in 40-60 global technology, media, and telecom companies across sub-sectors including software, hardware, AI, cloud, cybersecurity, 5G, IoT, autonomous transport, and robotics.
• DNB Nordisk Utbytte Actively managed equity fund investing in dividend-paying companies listed on Nordic stock exchanges (Sweden, Norway, Denmark, Finland), focused on banking, finance, and industry sectors with strong sustainability criteria.
• DNB Finans Actively managed equity fund investing in 30-50 global financial sector companies including banks, insurers, payment solutions, exchanges, asset managers, investment banks, rating agencies, and fintech platforms.
• DNB Fund Disruptive Opportunities Actively managed equity fund investing in companies that challenge established business models through technological breakthroughs and structural changes, including AI, metaverse, urban air mobility, precision agriculture, solar energy, and water management.
• DNB European Defence Actively managed equity fund investing in European companies with relevance for security and defense, including defense systems, cybersecurity, surveillance, communications, and civil preparedness.
• DNB Nuclear Energy Index-near equity fund investing globally in companies involved in the nuclear power sector including production, distribution, and technology, following MSCI Nuclear and Uranium Custom Index.
• DNB Sport & Entertainment Actively managed equity fund investing globally in sport and entertainment industry companies including entertainment events, video games, sports equipment, music, gym chains, film studios, sports clubs, and entertainment conglomerates.
• DNB Global Indeks Index-near equity fund following MSCI World Index, providing broad and cost-efficient exposure to approximately 1,300 large and mid-cap companies from 23 developed markets in North America, Europe, and Asia.
• DNB Obligasjon Norwegian bond fund investing in fixed income securities from solid Norwegian issuers including government bonds, municipal bonds, and corporate bonds from banks and companies with high creditworthiness.
• DNB High Yield Nordic high-yield bond fund investing in floating-rate bonds with short maturity from companies in Norway, Sweden, Denmark, and Finland, with credit ratings from BB+ to B-, targeting returns above the NBP Nordic HY Aggregated Index Hedged.
• DNB Global High Grade Global investment-grade bond fund investing in sovereign bonds and corporate bonds with minimum AA- rating from developed economies, with currency hedging back to base currency.
• DNB Global Credit Global corporate bond fund investing in investment-grade bonds issued by solid companies in developed economies, covering finance, telecommunications, energy, consumer sectors, and asset-backed securities.
• DNB Obligasjon Norden Nordic bond fund investing in corporate bonds from solid Nordic issuers (Norway, Sweden, Denmark, Finland, Iceland) with minimum BBB- rating and currency hedging between 95-105%.
• DNB Likviditet Money market fund investing in short-term fixed income securities with high credit quality from Norwegian issuers in Norwegian kroner, with duration below 1 and average maturity under 1.5 years.
• DNB Global Marked Valutasikret Index-near equity fund following MSCI World Index 100% Hedged to NOK, providing broad global equity exposure with full currency hedging to reduce foreign exchange risk for Norwegian investors.
• DNB Global Enhanced Plus Enhanced index fund following MSCI World Index (Net) with tracking error between 1.0-1.5%, seeking to create excess return through systematic deviations from the index.
• DNB Global Enhanced Index Enhanced index fund following MSCI World Index (Net) with tracking error between 0.25-0.75%, seeking to create excess return through systematic deviations from the index with lower risk than Enhanced Plus.
• DNB Global Enhanced Small Cap Enhanced index fund following MSCI World Small Cap Index, providing broad exposure to approximately 3,850 small companies from 23 developed markets with potential for higher growth than large-cap stocks.
• DNB Fund Nordic Small Cap Actively managed equity fund investing in over 100 small and mid-sized companies from Sweden, Norway, Denmark, Finland, and Iceland, focusing on growth companies in technology, industry, real estate, and healthcare.
• DNB SMB Actively managed equity fund investing in Norwegian small and mid-sized companies across industries including industry, technology, energy, seafood, health, consumer, and real estate sectors.
• DNB Global Emerging Markets Actively managed equity fund investing in companies from high-growth emerging economies including India, China, Brazil, and Taiwan, with currency exposure retained and ESG integration.
• DNB Global Emerging Markets Indeks Index-near equity fund following MSCI Emerging Markets Index, providing broad exposure to approximately 1,200 large and mid-cap companies from 24 emerging economies across Asia, Latin America, Africa, and Eastern Europe.

Quantifiable outcome

• DNB Nordic Small Cap fund has delivered average annual returns of 16.1% since inception, outperforming the VINX Small Cap index
• +1 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators2 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Nordea Investment Funds: Largest Nordic asset manager offering a comprehensive range of equity, fixed income, and alternative funds across Nordic and global markets. Directly comparable to DNB AM in product breadth, institutional vs retail mix, and Nordic geographic focus, though larger in AUM scale.
• Swedbank Robur: Sweden's largest asset manager and a wholly-owned subsidiary of Swedbank. Operates a similar model to DNB AM, leveraging parent bank's retail distribution while serving institutional clients across the Nordics with comparable fund ranges.
• Danske Invest: Asset management arm of Danske Bank, offering Nordic and European mutual funds to retail and institutional clients. Comparable product mix including Nordic equity, fixed income, and thematic strategies, with similar parent-bank distribution model.
• SEB Investment Management: Asset management division of SEB, providing actively and passively managed funds across Nordic and global markets. Directly competes with DNB AM in Nordic retail distribution and institutional mandates, with similar ESG integration capabilities.
• Handelsbanken Fonder: Swedish asset manager owned by Handelsbanken offering mutual funds distributed through the parent bank's branch network. Similar captive retail distribution model and Nordic equity/fixed income product focus as DNB AM.
• KLP Kapitalforvaltning: Norway's largest pension fund manager, providing investment management services to the KLP pension system and external clients. Comparable Nordic asset management scale and expertise, with strong ESG focus and institutional capabilities.
• Storebrand Asset Management: Norwegian asset manager owned by Storebrand, offering Nordic and global funds to retail and institutional clients. Direct domestic competitor to DNB AM in Norway with overlapping product offerings in Nordic equities and fixed income.
• ODIN Fund Management: Norwegian asset manager specializing in Nordic and European equities, owned by SpareBank 1. Comparable active management focus on Nordic small-cap and regional equity strategies, though smaller scale than DNB AM.
• Skagen Fondene: Norwegian asset manager owned by Storebrand, known for active global and emerging markets equity funds. Comparable active management philosophy and Norwegian retail/institutional client base, with overlapping global emerging markets fund offerings.
• Carnegie Fonder: Swedish asset manager (part of DNB Carnegie group since 2024) offering Nordic equity and fixed income funds. Comparable Nordic product focus and overlaps with DNB AM's Nordic dividend and small-cap strategies.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DNB_Bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DNB Asset Management