Saxo Bank’s breakthrough comes shortly after the investment bank announced its global client assets had crossed the $100m mark.
Both milestones signal steady growth in clients and assets over the past years. In May, the company’s UK-based unit partnered with digital wealth manager Moneyfarm, launching mutual fund (MF) portfolios for the investors of M&G Wealth’s &me platform.
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In addition, Saxo Bank is now waiting to be appointed a Systemically Important Financial Institution (SIFI) recognised by the Danish Financial Supervisory Authority (FSA).
Founder and CFO Kim Fournais commented on the latest milestone.
“I would like to extend a big thank you to all our passionate and committed employees who are behind our award-winning platforms that every day do their best to ensure that our growing client base can trade and invest across markets and asset classes”, Fournais said. “We continue to see a positive trend with more people participating in the financial markets and putting their wealth to work using digital platforms like Saxo. This empowerment of investors has continued despite geopolitical uncertainties and high inflation levels, and we are proud to serve many of them across the world.”
Saxo Bank: Company profile
Founded as a brokerage firm in 1992, Saxo Bank is well-known for its controversial annual predictions. Last year, it predicted (without success) French President Emmanuel Macron’s resignation in early 2023 after losing his party’s outright majority in Parliament.
In 2022 Saxo reported $647.5m in total income, a slight decrease from 2021, when the business recorded $658m.
“When I founded Saxo Bank back in 1992 on a shoestring budget and with just one employee, I wanted to make global capital markets accessible for more people. And now where more people globally seek ways to make their money work harder for them, we are ready to support them. I’m confident that it won’t take another 30 years for Saxo Bank to welcome its next million clients”, Fournais concluded.
