Money manager buys Danske Bank shares after 30% drop

Denmark

COPENHAGEN: An asset manager in Norway started buying shares in Danske Bank at the end of the summer after investor fears fanned by a money laundering scandal led to panic selling.

Alexander Stensrud, who helps manage almost US$1bil at Skagen Vekst, said shares in Denmark’s biggest bank now make up about 1.2% of the total since the fund bought the stock a few months ago, after it sank 30% from a 2017 high. Those purchases came after Skagen had dumped its entire Danske holding at the end of last year, he said.