OREANDA-NEWS. June 02, 2011. Citadele Asset Management has announced that the pay out funds to investors in the closed Citadele Baltic High Yield Fund will be on June 2. Revenues from the fund will be transferred to depositor accounts via the Latvian Central Depository. The sum per certificate will be EUR 156.43945, reported the press-centre of Citadele.

The Citadele Baltic High Yield Fund was a closed fund with a specific term of operations which ended on May 9, 2011, ensuring positive results for investors.

Citadele Asset Management senior portfolio manager Andris Kotans: “The aim of the fund was to invest in profitable Baltic securities with a higher level of risk, but also the possibility of higher revenues in comparison to other investment alternatives. Closed investment funds usually have a specific term of operations. The Citadele Baltic High Yield Fund was established in 2005. In 2009, its term was extended to 2012 so as to optimise the investments that were made under the auspices of the fund. Most investors, however, wanted to get their money back as quickly as possible, and we took this into account, paying out funds to several investors in 2009 and 2010.

In comparison to comparable investment funds that were available in the Baltic States, the Citadele Baltic High Yield Fund, taking into account the payouts that were made to investors in 2009 and 2010, could provide its depositors with positive results from the very beginning – a bit less than 3% a year, and this in spite of the serious financial crisis which prevailed in the Baltic States. This was possible thanks to the proactive work which Citadele Asset Management staff did in terms of intensive co-operation with emitters of securities so as to restructure and optimise the relevant obligations during the course of the crisis. We believe that we may establish a new and similar fund in the future, depending on how the market situation develops and what the interests of investors may be. Investor interest in the Baltic region has once again been rising in recent times.”