LATVIA - Baltic financials group Invalda has today announced it will enter the Latvian pension fund market with the acquisition of the Latvian investment manager IPAS Baltikums Asset Management.
Invalda, the parent company of Lithuanian Finasta Investment Management, said it has signed a contract with the Latvian bank AS Akciju Komercbanka Baltikums on acquisition of its subsidiary IPAS Baltikums Asset Management in Latvia for an undisclosed amount.
The company, which has been operating in the Latvian assets management market since 2006, added it wants to "expand its scope of operations covering the management of investment funds and personal portfolios, and pension funds."
Meanwhile, stock of AS IPS Finasta Asset Management company will be sold to the Latvian bank, Invalda said.
The transaction will be accomplished after receiving permits of supervisory institutions, and completing other transfer and acceptance-related tasks.
Three closed-end investment funds formerly owned by AS IPS Finasta Asset Management will be transferred after the transactions to IPAS Baltikums Asset Management company, which currently holds three investment and two pension funds.
Invalda already bought Lithuanian Medicinos banko Investment Management in 2006, in a move to further consolidate the Lithuanian private pensions sector.
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