Lattelekom, the Riga-based Latvian telecommunications group and the country’s first closed-end industry pension scheme has appointed Hansabank as custodian to the fund and Baltic bank Suprema as the scheme’s first investment manager.
Rudite Zvirgzdina, pension fund director at Lattelekom, comments: “We had a list of five applicants for the custody mandate and five for the asset management, with some names the same on both lists. We decided to keep the briefs separate and selected Hansabank because we felt they could safeguard the fund’s assets best and Suprema because of their network in all the Baltic countries.”
The fund’s assets stand in excess of Lats3m (e4.6m). Lattelekom is awaiting approval from the Latvian regulator on the manager selections before it can begin processing contributions and deciding on investment policy.