Invalda INVL, one of the Baltic region’s leading asset management groups, had equity of EUR 69.2 million at the end of the first quarter of 2019, or EUR 5.98 per share. The figures are 5.6% and 5.5% larger, respectively, than at the start of the 2019.
In the first quarter, Invalda INVL had a net profit of EUR 3.7 million, which is 4.5 times more than in the same period of 2018.
Group companies had client assets under management of EUR 864.5 million at the end of March, which is 28% more than at the beginning of 2019 (EUR 675.4 million).
Asset management business
“In the strategic asset management business, our most important long-term priority is the successful management of the assets entrusted to us,” said Invalda INVL President Darius Šulnis. In the first quarter of this year, the group’s asset management companies earned EUR 48 million for clients, influenced mainly by a significant rise in capital markets at the start of the year.
The INVL Baltic Sea Growth Fund, which held its first closing early this year after raising EUR 106 million, became the largest private equity investment fund in the Baltics and announced its first investments.
“Also important is that amid the pension system reform which is underway this year in Lithuania, the number of people who have chosen the pension funds we manage has grown. That is due both to our clients’ loyalty and the choice of people in the country who are just now coming to INVL-managed pension funds,” Darius Šulnis said.
The total number of participants in INVL pension funds in Lithuania at Latvia at the end of the first quarter of this year was more than 200 000.
Revenue from asset management in January-March grew 31.8% compared to the same period last year to EUR 2.3 million, while the profit from this business was EUR 0.2 million.
Investments
The fair value of the Invalda INVL group’s investments in investment products it manages was EUR 25.9 million at the end of the first quarter, and its commitment to invest in the INVL Baltic Sea Growth Fund was EUR 17.8 million. Invalda INVL conducts its main investment activities through this fund.
“Invalda INVL invests its free funds together with INVL clients. Commonality of interests strengthens mutual trust and encourages long-term collaboration,” Darius Šulnis said.
Invalda INVL also has other investments, whose total value at the end of March was EUR 34.6 million. The largest were the investments in Šiaulių Bankas and Litagra. “Šiaulių Bankas’s excellent results and growth and the changes underway at Litagra positively influenced the value of the investments and Invalda INVL’s first-quarter profit,” Darius Šulnis said.
Invalda INVL, operating since 1991, is one of the leading asset management groups in the Baltic countries. The companies the group owns in Lithuania and Latvia manage more than 20 mutual and pension funds (2nd and 3rd pillar), alternative investments, individual portfolios, private equity, private debt and other financial instruments. The group’s companies have assets under management of more than EUR 850 million, entrusted to them by more than 200 000 clients in Lithuania and Latvia as well as international investors. The shares of Invalda INVL have traded on the Nasdaq Baltic securities exchange since 1995.