Communication on COVID-19

 

Luxembourg, 18 March 2020

Dear Business Partner,

In light of recent events concerning the rapidly evolving coronavirus situation around the world Nordea Asset Management (NAM) would like to reiterate its commitment to staying close to its clients. In that same vein, NAM takes its clients and employees health and safety extremely seriously. In addition to the new measures being taken by several governments, we anticipated that the situation might become more challenging for a longer period of time and have thus already implemented several precautionary actions.

Crisis Management Response

Nordea’s Global Crisis Management Team, which includes senior management and business areas/Group Functions, has been activated and is assessing the situation daily making sure that the most appropriate actions are being taken in order to minimize impact on customers and employees. In addition to this, the country specific Crisis Management Teams are meeting regularly in order to ensure alignment with the Group.

Since the 2nd of March we have implemented employee quarantine for anyone who has travelled to identified COVID-19 hotspots. This quarantine has gradually expanded to all countries. On the 15th of March we implemented a group wide business travel ban to all countries, this also includes travel between Nordea sites and locations.

We have also increased sanitation practices at all premises and are working with healthcare experts to guarantee the best hygiene standards possible.

Continuity of Operations Investments

Our IT systems have been fully tested to ensure that all employees that may need to work remotely have the capability to do so. Moreover, the operational business continuity plans have also been activated where needed and are functioning as planned. Maintaining cybersecurity remains a top priority and our systems have been rigorously tested and they remain secure and operational.

Middle and back office functions are fully operational and the teams have prepared for additional unexpected volatility and volumes in the coming weeks through remote working and a critical taskforce on site.

The investment teams, which include portfolio managers, traders, and support functions, have gone through careful preparation and implemented a combination of remote working and shifts to create back up teams. Given the rapidly evolving social distancing and confinement measures taken by governments, NAM is prepared to move to a remote working mode.

Client Servicing

In order to continue to serve and communicate with our clients we have implemented new digital tools such as virtual meetings and webinars so that clients can continue to receive timely information and interact with our investment professionals and other colleagues.

We continue to monitor the situation closely and take all necessary actions, in full compliance with government instructions and recommendations, to ensure that all business critical functions are maintained.

In meantime, we remain flexible and ready to adapt to the situation and will continue to be close to our clients as we have always been.

We thank you for your trust in Nordea and look forward to continuing to work with you.

Do not hesitate to contact us should you have questions.

Your Nordea Team

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