Net inflows of €8.3bn ($10.4bn) coupled with a 10% increase in private banking customers drove income at Scandinavian bank Nordea's asset management arm up 23% to €177m in the six months to the end of June.

Assets under management increased 11% to €153bn in the first half of the year, despite the fall in equity markets in May and June. In the second quarter, there was a drop of €2bn, or 1%, in assets managed due to market turmoil.