OREANDA-NEWS. On 23 December 2008 Parex Asset Management informed that the limitations on certain operations of Parex banka, imposed 1st of December 2008, do not extend upon the 2nd and 3rd pillar Parex pension plans. All Parex pension plans continue functioning as earlier and all operations with the pension funds’ investment portfolios are conducted in a normal mode. The pension plans lie off the balance sheet of Parex banka and are operated by one of the leading investment managers in Latvia – Parex Asset Management, a subsidiary of Parex Banka.

According to the performance of Latvian pension funds as of the 30th of November, 2008, all Parex pension plans show positive returns since inception. The average annualized return of Parex Active pension plan since inception (January 7th, 2003) amounts to +4.71%*, which is the best result among the 10 largest 2nd pillar pension plans in Latvia.

Robert Idelson, the CEO of Parex Asset Management, emphasizes that „the activity of Parex pension plans is not restricted in any way, and the assets are managed by the same professionals who have been successfully doing it for many years. Parex Asset Management portfolio management team has the widest experience in managing mutual and pension funds in Latvia. Parex pension plans are distinguished by our active allocation strategy, which is supported by the long-term performance of Parex 2nd and 3rd pillar pension plans.”

2008 was undoubtedly a difficult year for the global financial markets and served as an ultimate test of the pension managers’ professional skills. Despite the turmoil, Parex Asset Management proves yet again its ability to deliver relatively high returns even in such a complicated situation in Latvia and worldwide.