OREANDA-NEWS. April 14, 2011. Change in the name of Citadele Bank’s subsidiary “Parex Asset Management” IPAS to “Citadele Asset Management” IPAS was registered with the Enterprise Register of the Republic of Latvia on 3 August 2010. Significant changes were made in the company’s management at the end of 2010 and at the beginning of 2011 by approving the following Board of Directors: Vladimirs Ivanovs, Raimonds Vesers and Zigurds Vaikulis; the latter of the Directors also became Head of Portfolio Management Department. As a result of changes, we have created a team of professionals which is capable of providing clients with high quality asset management services, reported the press-centre of Citadele Bank.

Regardless of the complicated situation with restructuring of AS Parex banka, 2010 was generally successful for the company. Increase in main sectors of the financial markets ensured good investment management results and facilitated the interest of clients in using investment management services. During the period of account, the company achieved notable results in asset management: profitability of “Universal”, State-funded pension scheme investment plan, reached 9.01% for 2010 and the profitability of “Active” was 11.80%. These were the best results in conservative and active plan groups correspondingly.

The total amount of assets managed by Citadele Asset Management IPAS increased by 13% to 306.6 million Lats during the period of account, the largest proportion of which (slightly more than one third or 106 million Lats) was shaped by State-funded pension scheme assets whereas the total amount of client assets in individual management was 88 million Lats or 29% of the total sum.

In comparison with 2009, income from commission for asset management increased by 16%, reaching 2.8 million Lats.

Income from core activity of Citadele Asset Management IPAS totalled to 3.1 million Lats which is an increase by 20% comparing to 2009. In order to optimize the company’s activity, we continued to implement measures for decreasing expenses – expenses in total for 2010, compared to 2009, were reduced by 7%.

Company’s net profit for the period of account was 420 thousand Lats (179 thousand Lats in 2009).