Helsinki Parish Union Awards €2.03 Million Investment Management Contract

The Helsinki Parish Union (Helsingin seurakuntayhtymä) has awarded a €2.03 million investment management contract to Evli Oyj and Nordea Asset Management. The contract covers the management of approximately €258 million in assets across three portfolios, with the selected managers responsible for about €129 million in outsourced investments.

Introduction

Managing significant financial assets requires professional expertise and careful oversight. The Helsinki Parish Union, which oversees the assets of Helsinki's parishes, has conducted a competitive procurement to select investment managers for its portfolio.

The procurement covered approximately €258 million in assets across three portfolios: the parish union's liquid assets (€226 million), the cemetery maintenance fund (€24 million), and testamentary and donation funds (€8 million). Two investment managers have been selected—Evli Oyj and Nordea Asset Management—to manage approximately €129 million in outsourced investments.

The contract, valued at €2.03 million, reflects a 80:20 quality-to-price weighting, prioritising investment expertise and service quality over cost.

Why This Contract Matters

Responsible asset management is essential for ensuring that the Helsinki Parish Union can fulfil its mission of supporting parishes, maintaining cemeteries, and honouring bequests. Professional investment management helps preserve and grow these assets over the long term.

This contract matters because it:

• Manages significant assets: €258 million in total assets, with €129 million outsourced
• Supports parish activities: Returns from investments help fund parish operations
• Honours bequests: Testamentary and donation funds are professionally managed
• Maintains cemeteries: Cemetery maintenance fund ensures care of burial grounds
• Quality focus: 80% quality weighting prioritises investment expertise
• Competitive process: 10 bids received

Contract Timeline

• Contract award notice published: 10 August 2026 (OJ S 152/2026)
• Previous notice referenced: 094140ab-b834-493e-af61-5d4198396784-01
• Winner chosen: 23 April 2026
• Contract concluded: 10 June 2026
• Coverage start date: 1 June 2026
• Coverage end date: Open-ended (unlimited duration)

Contract Overview

The Helsinki Parish Union conducted an open procedure for this procurement. The contract covers investment management services for the parish union's assets, with two managers selected to handle equity and fixed-income investments.

Key features include:

• Two managers: Evli Oyj and Nordea Asset Management
• Total assets: Approximately €258 million (of which ~€129 million outsourced)
• Three portfolios: Liquid assets (€226M), Cemetery maintenance fund (€24M), Testamentary/donation funds (€8M)
• Allocation: Equities 59%, Fixed income 41%
• Value: €2,030,000 (total awarded)
• Evaluation: Quality (80%) and Price (20%)
• Duration: Open-ended (unlimited)

Key Contract Details

Detail	Information
Contracting authority	Helsingin seurakuntayhtymä (Helsinki Parish Union)
Winning bidders	Evli Oyj, Nordea Asset Management
Contract subject	Investment management services (CPV 66140000)
Procedure type	Open procedure
Legal basis	EU Directive 2014/24/EU
Total awarded value (EUR)	€2,030,000.00
Evli Oyj value	€1,000,000.00
Nordea Asset Management value	€1,030,000.00
Total assets under management	~€258,000,000 (€129M outsourced)
Contract duration	Open-ended (unlimited)
Bids received	10
EU funding	None
Covered by GPA	Yes
Evaluation criteria	Quality (80%), Price (20%)
Asset allocation	Equities 59%, Fixed income 41%

Project Scope

The contract covers the management of the Helsinki Parish Union's investment assets across three portfolios:

Portfolio 1: Liquid Assets (€226 million)

• Description: Helsinki Parish Union's cash and liquid assets
• Purpose: General parish operations and activities

Portfolio 2: Cemetery Maintenance Fund (€24 million)

• Description: Fund for cemetery maintenance (hautainhoitorahasto)
• Purpose: Ensuring long-term care and maintenance of cemeteries

Portfolio 3: Testamentary and Donation Funds (€8 million)

• Description: Testamentary and donation funds
• Purpose: Honouring bequests and donations

Asset Allocation

• Equities: 59% of the managed portfolio
• Fixed income: 41% of the managed portfolio

Outsourced Assets

• Total outsourced: Approximately €129 million
• Managers: Two managers selected (Evli Oyj and Nordea Asset Management)
• Allocation: Split between the two selected managers

About the Contracting Authority

Helsingin seurakuntayhtymä (Helsinki Parish Union) is a public law body responsible for the administration of Lutheran parishes in Helsinki, Finland. The parish union manages significant financial assets, including liquid assets, cemetery maintenance funds, and testamentary/donation funds. The organisation uses these assets to support parish activities, maintain cemeteries, and honour bequests.

About the Winning Companies

Evli Oyj

Evli Oyj is a Finnish asset management company headquartered in Helsinki. Evli is one of Finland's leading investment management firms, offering a wide range of asset management services to institutional and private clients. The company has extensive experience in managing public sector and institutional assets. Evli's winning bid of €1,000,000 covers a portion of the outsourced assets.

Nordea Asset Management

Nordea Asset Management is the asset management arm of Nordea, the largest financial services group in the Nordic region. Nordea Asset Management is a major player in the Nordic investment management market, with significant assets under management. The company's winning bid of €1,030,000 covers a portion of the outsourced assets.

Procurement Analysis

• Procedure: An open procedure was used, allowing any interested economic operator to submit a tender.
• Competition: Ten bids were received, representing strong competition in the Finnish investment management market.
• Evaluation criteria: Quality (80%) and Price (20%). The heavy weighting on quality reflects the importance of investment expertise, risk management, and service quality.
• Asset allocation: The 59:41 equity-to-fixed-income allocation reflects a balanced investment approach.
• Two managers: Selecting two managers provides diversification and reduces dependency on a single provider.
• Open-ended duration: The unlimited duration provides long-term continuity for asset management.
• Geographic scope: Services can be delivered anywhere (the buyer is located in Finland).

Additional Procurement Facts

• The contract is covered by the WTO's Government Procurement Agreement (GPA).
• No EU funds were used for this procurement.
• The procurement was not accelerated.
• No dynamic purchasing system was used.
• No framework agreement was used—this is a direct service contract.
• Ten bids were received.
• All bids were submitted electronically.
• No subcontracting was declared by either winner.
• Disputes or review requests fall to the Markkinaoikeus (Market Court) in Finland.
• Both winners are Finnish or Nordic-based companies.

Market & Industry Perspective

The Finnish asset management market is competitive, with a mix of domestic players (like Evli) and international/Nordic groups (like Nordea). This procurement attracted ten bids, indicating strong interest from asset managers.

Key trends in this market include:

• Quality focus: Institutional investors increasingly prioritise quality and expertise over price
• ESG integration: Environmental, social, and governance factors are increasingly important
• Private sector participation: Both domestic and international players compete for public sector mandates
• Diversification: Institutional investors often select multiple managers to diversify risk

The 80% quality weighting reflects the Helsinki Parish Union's focus on investment expertise, risk management, and long-term performance over cost.

Economic Significance

At €2.03 million in management fees, this contract represents a significant revenue stream for the selected asset managers. More importantly, the contract oversees €258 million in assets (with €129 million outsourced), which generates returns that support parish activities, cemetery maintenance, and honouring bequests.

For the Helsinki Parish Union, professional asset management ensures that its financial resources are preserved and grown over the long term, supporting the organisation's mission.

Future Procurement Opportunities

With the contract now in place, future opportunities include:

• Additional mandates: The parish union may add additional assets to the mandate
• Value-added services: The parish union may procure additional investment-related services
• Re-tender: The contract may be re-tendered if the open-ended agreement is terminated
• Other parish unions: Similar asset management tenders from other Finnish parish unions

Opportunities for Suppliers

While this contract is awarded, future opportunities exist for asset managers:

• Other parish unions: Similar asset management tenders from other Finnish parish unions
• Public sector institutional investors: Other public sector bodies with significant assets
• ESG and impact investing: Growing demand for sustainable investment solutions
• Re-tender: The contract may be re-tendered in the future

What Businesses Should Watch

• Similar asset management tenders from other Finnish parish unions and public sector bodies
• Growing demand for ESG and impact investing
• Changes to Finnish and EU public procurement regulations
• Market trends in asset management (passive vs active, ESG, etc.)

FinlandTender Procurement Intelligence

This investment management contract is a significant procurement for the Helsinki Parish Union. Several features stand out:

• Quality focus: The 80% quality weighting reflects the buyer's prioritisation of investment expertise, risk management, and service quality over cost
• Two-manager model: Selecting two managers provides diversification and reduces dependency risk
• Asset allocation: The 59:41 equity-to-fixed-income allocation reflects a balanced investment approach
• Open-ended duration: The unlimited duration provides long-term stability for both the buyer and the managers
• Competitive process: Ten bids indicate strong market interest

The selection of Evli and Nordea—two of Finland's leading asset managers—reflects the parish union's desire for professional, high-quality investment management. Both firms have strong track records in managing institutional assets.

For suppliers, this procurement highlights the importance of:

• Investment expertise: Demonstrating strong investment capabilities and track record
• Service quality: Showing high-quality client service and reporting
• Competitive pricing: Price accounts for 20% of evaluation
• ESG credentials: Increasing importance of sustainable investment

Supplier Takeaways

• Demonstrate strong investment expertise and track record—quality accounts for 80% of evaluation
• Show high-quality client service and reporting capabilities
• Offer competitive pricing—price accounts for 20%
• Develop ESG and sustainable investment credentials
• Monitor other Finnish parish unions and public sector bodies for similar opportunities
• Build relationships with institutional investors in the Nordic region

Key Takeaways

• Helsinki Parish Union awarded a €2.03 million investment management contract
• Winners: Evli Oyj (€1M) and Nordea Asset Management (€1.03M)
• Total assets: ~€258 million (€129M outsourced)
• Three portfolios: Liquid assets (€226M), Cemetery fund (€24M), Testamentary funds (€8M)
• Asset allocation: Equities 59%, Fixed income 41%
• Evaluation: Quality (80%), Price (20%)
• 10 bids received, all electronically
• Contract duration: open-ended (unlimited)
• No subcontracting by either winner

Conclusion

This investment management contract represents a significant procurement for the Helsinki Parish Union, ensuring that its €258 million in assets are professionally managed by two of Finland's leading asset managers—Evli Oyj and Nordea Asset Management.

The 80% quality weighting reflects the parish union's focus on investment expertise, risk management, and service quality over cost. The two-manager model provides diversification and reduces dependency risk, while the 59:41 equity-to-fixed-income allocation reflects a balanced investment approach.

As the contract runs with an open-ended duration, the Helsinki Parish Union can rely on professional asset management to preserve and grow its financial resources, supporting parish activities, cemetery maintenance, and honouring bequests for years to come.

Frequently Asked Questions

Q: What is the Helsinki Parish Union?

Ans: Helsingin seurakuntayhtymä, a public law body responsible for the administration of Lutheran parishes in Helsinki, Finland.

Q: What is the value of the contract?

Ans: €2,030,000 total (Evli €1,000,000, Nordea €1,030,000).

Q: Who are the winners?

Ans: Evli Oyj and Nordea Asset Management.

Q: How much assets are under management?

Ans: Approximately €258 million total, with €129 million outsourced.

Q: What are the three portfolios?

Ans: Liquid assets (€226M), Cemetery maintenance fund (€24M), and Testamentary/donation funds (€8M).

Q: What is the asset allocation?

Ans: Equities 59%, Fixed income 41%.

Q: What were the evaluation criteria?

Ans: Quality (80%) and Price (20%).

Q: How many bids were received?

Ans: Ten bids were received.

Q: Is this contract funded by the EU?

Ans: No, the procurement is not financed with EU funds.

Source: EU Official Journal, Contract Award Notice 551242-2026, OJ S 152/2026, published 10 August 2026.