Financial group Invalda strengthens investment management positions in Baltic countries and steps into Latvian pension funds market. Invalda acted in financial asset management field in Latvia since 2006. Now it intends to purchase investment management company from Latvian bank and to expand scope of activities into private portfolios, investment and pension funds management.
Today Invalda signed agreement with Latvian bank Akciju Komercbanka Baltikums regarding its subsidiary investment management company Baltikums Asset Management acquisition. To the Latvian bank shares of Finasta Asset Management will be sold. Deals will be completed when all permissions from supervisory institution are received and other tasks are completed.
According to Darius Sulnis, the president of Invalda, the strategy of activity of financial group Invalda is oriented towards asset management, thus these deals are one more step in group’s development. Finasta Investiciju Valdymas, a company of financial group Invalda, has strong positions in Lithuanian investment and pension funds markets. Therefore, we considered potential of Latvian market and professional experience of Finasta Investiciju Valdymas and decided to make next step – to offer Latvian investors management of not only investment but also pension funds” – D.Sulnis said.
After above mentioned deals 3 closed investment funds of Finasta Asset Management will be transferred to Baltikums Asset Management which already manages 3 investment and 2 pension funds.
The amount of the deal isn’t disclosed.