Stockholm (NordSIP) – As part of its strategy to expand its presence in the Nordics, Candriam has announced it hired Cristina Lugaro as its new Head of Distribution – Nordics. Candriam is a sustainable asset manager with €149 billion in assets and offices in Luxembourg, Brussels, Paris, and London. It is set to open its Stockholm office in 2025.
Lugaro will report to Olivier Maes, Head Distribution BeNeLux & Nordics and Member of the Executive Committe. Based in Stockholm, she will be responsible for leading the growth of Candriam’s market share within the Nordics.
“We are delighted to welcome Cristina to the team in a period of exciting growth and business evolution in the Nordics. Her proven experience will help further strengthen our position in the region, where we already have a notable presence working with institutional investors such as pension funds, particularly at a time of increased demand for sustainable investment products and solutions. I am confident that with her onboarding we will further expand our footprint in the region and meet the growing demands of Nordic clients,” Olivier Maes, Head Distribution BeNeLux & Nordics and Member of the Executive Committee at Candriam, commented on occasion of the announcement of Lugaro’s appoitment.
Prior to joining Candriam, Lugaro was Head of Sales, Sweden, at Ness, Risan & Partners (NRP) Capital Advisory AS, a privately-owned Nordic investment firm. Previously, she worked for Ress Capital and Alfred Berg. She replaces Alain Deflandre, Head of Distribution Luxembourg & Nordics, and who will continue in his role as Head of Distribution for Luxembourg.
“Joining Candriam at this crucial time in its expansion into the region is a privilege and exciting opportunity. Having covered and been on the ground in the Nordics for many years, I am confident that my expertise and contacts will bring a renewed push to further grow Candriam’s presence in the Nordic countries. I am looking forward to working with an excellent set of colleagues to deliver on client needs in the region and beyond,” Lugaro said
NordSIP reached out to Lugaro to better understand her motivations, goals and vision for sustainable investments in the Nordics.
A New Challenge
Joining Candriam allows Lugaro to take on a new challenge with a firm that emphasises innovation and responsible investing, two areas she has become deeply interested in over the years.
“Candriam’s range of sustainable investment products and their focus on ESG investing, and global sustainability goals directly aligns with the values and priorities of Nordic investors. Whether they are looking for sustainable investing solutions, thematic, fixed income, alternative offering or diversified sustainable portfolios, Candriam is well-positioned to meet investor’s demand in the region,” Lugaro says.
“I think that my previous experience in a privately owned entrepreneurial firm where I developed a good knowledge of the alternative investments and the Norwegian investment landscape, provided me with a great foundation to build on my role at Candriam, a global firm with a wide offering. My new role as Head of Distribution – Nordics provides an exciting challenge to lead the sales efforts and build a solid team over time, which I am excited to embark on,” she adds.
Strengthening Nordic Presence
According to Lugaro, Candriam has been gradually expanding its presence in the Nordics over the past several years, continually enhancing its capabilities to meet the region’s growing demand for sophisticated ESG investment strategies. Going forward, her focus will be on strengthening Candriam’s relationships with Nordic investors.
“Candiram has ambitious plans to grow our presence and investor base in the Nordics. Our long-term strategy is to gradually build a robust market presence and become a more dominant player in the region, particularly in Sweden,” Lugaro explains.
“We have a golden opportunity to bring in our attractive mix of sustainable, thematic and alternatives investment offering alongside our market-leading fixed income solutions and private assets to the institutional market,” she continues.
“In the short-term, the focus will be on the opening of our office in Stockholm and strengthening the relationship with our existing base of Nordic clients. Being on the ground in the country will allow us to have a closer proximity to clients in the region, with local language knowledge and with the ability to interact and meet face-to-face more often,” Lugaro adds.
Navigating the Nordic Cultural Nuances
Of all the qualities necessary to navigate the Nordic market, Lugaro emphasises the need for clarity persistence and cultural sensitivity.
“The Nordic market is highly competitive and crowded with both local Nordic asset managers and international players. In this context, I believe it is important to have a deep understanding of Nordic investor’s preferences and focus on long-term relationships by building trust and delivering consistent value to clients over time. To be successful you have to have a clear focus, be persistent and persuasive and able to highlight Candriam´s unique value proposition to resonate with the Nordic mindset,” Lugaro argues.
“I also think it is important to have an understanding of the Nordic cultural nuances and to have local sensitivity as investor demands and approaches in Sweden are often different from that of Finnish and Danish investors for example. Client retention is another key aspect by balancing new asset acquisition with exceptional service to existing clients,” she continues.
Drawing from Experience
Throughout her career, Lugaro has had the opportunity to learn about sustainable investments, particularly during her recent years working on the ground in the Nordic markets.
“At Alfred Berg, the Nordic filial of BNP Paribas Asset Management, one of my roles was Product Specialist for Nordic equities and Nordic fixed income applying ESG integration and engagement. In this capacity, I worked closely with the investment teams and developed a deep understanding of investor requirements and rationale in terms of sustainable investments and goals,” Lugaro says.
“Most recently, I was responsible for raising capital for NRP Zero’s Envision Tech Fund, an Article 9 private equity cleantech fund investing in Nordic companies advancing energy efficiency and electrification. This was a great opportunity to come into contact with a team of experts in terms of innovation and technical know-how, as well as a wide range of Nordic investors seeking to have a long-term impact and engagement,” she adds.
Walking the Talk
According to Lugaro, Candriam differentiates itself from its competitors for its history and commitment to sustainability.
“Candriam walks the talk. Conviction AND Responsibility In Asset Management, are the values that have made the company what it is today. A pioneer and leader in sustainable investments since 1996, Candriam is today one of the largest investment managers dedicated to this area with around EUR 149 billion of assets under management (as of 30 June 2024),” Lugaro tells NordSIP.
“Candriam has a strong presence across Europe with the global backing from New York Life Investments, providing scale and resources. A key differentiating advantage of Candriam is our robust ESG approach and integration across mainstream and thematic investments, while being a recognised leader in developing frameworks for biodiversity and social inclusion alongside climate-focused strategies. Candriam is very well-equipped to dive into the Nordic markets and succeed over the long term. I feel privileged to take this task in my new role,” she concludes.
