OREANDA-NEWS. August 11, 2010. Enterprise Register of the Republic of Latvia registered changes in the names of Citadele banka's subsidiaries “Parex Asset Management” IPAS, AAS “Parex Dziviba” and AS “Parex atklatais pensiju fonds”. “Parex Asset Management” will continue its activity under the name of “Citadele Asset Management” IPAS, the name of AAS “Parex Dziviba” is AAS “Citadele Life” and AS “Parex atklatais pensiju fonds” will continue to operate under the name of AS “Citadele atklatais pensiju fonds”, reported the press-centre of Citadele Banka.

Change of the name will have no impact on clients of these companies as well as participants of 2nd and 3rd level pension plan whose funds are managed by Citadele’s subsidiaries – they will continue to be attended with greatest care and professionalism. Investment fund strategies and terms and conditions of pension management plans provided in investment fund prospect have not been changed – amendments have been made only in the names of the corresponding companies as well as plans and funds.

“Citadele Asset Management” IPAS manages two 2nd level pension plans: Citadele Active Pension Plan and Universal Pension Plan. On 1 August, Profit of Universal Pension Plan has reached 11.09% for the last 12 month period which is among the highest indicators in the industry. Profitability of Citadele Active pension plan as of 1 August, on its part, 11.40% for the period of the last 12 months. Both of these pension plans are among of the largest ones in their category according to the number of participants.

AS “Citadele atklatais pensiju fonds” offers four 3rd level pension plans under new names:
Citadele Balanced (Citadele Sabalansetais);
Citadele Active (Citadele Aktivais);
Citadele Active USD (Citadele Aktivais USD);
Citadele Active EUR (Citadele Aktivais EUR).

Ugis Vorons, Chairman of the Board of AAS “Citadele Life” and AS “Citadele atklatais pensiju fonds”: “The strategic goal of Citadele Life is to work not only in the Latvian market, but outside of it, as well, for we see that our potential clients might be representatives of various countries. Therefore we resolved to change the name of the company by making it more recognizable internationally – “Citadele Life” will be easier to understand and perceive in our target countries."

About IPAS Citadele Asset Management
“Citadele Asset Management” IPAS is the leading investment management company in the Baltic States which offers asset management services for individual persons as well as corporate clients, investment funds, 2nd and 3rd level pension plans and insurance companies. The company’s subsidiary AAS “Citadele Life” offers life insurance services. Subsidiaries and representative offices of “Citadele Asset Management” IPAS also operate in Lithuania, Russia, Ukraine, Belarus and Kazakhstan.