OREANDA-NEWS. October 25, 2011. According to a mutual agreement between the Supervisory Board and Agnes Makk, CEO of Swedbank Investment Funds, her contract will not be renewed after the 20th of October 2011 for a further term, reported the press-centre of Swedbank.

Ross Laidlaw, Chairman of the Supervisory Board, stated: “We would like to thank Agnes for her commitment to the business and particularly her achievement of establishing good co-operation between the investment teams located in Estonia and Sweden. The management of investment funds in Estonia is now in accordance with modern investment standards. However, moving forward, it is now time to recruit a new CEO to the business.”

“Two years ago I accepted the challenge to build up an organisation; today I leave the business in good shape and ready for its next phase of development,” Makk said. “Being a business developer by nature, it is time for me to move on.”

Recruitment of the new CEO will commence immediately. In the interim, management board member Meelis Hint and Fund Manager of Pension Funds Katrin Rahe (a newly appointed member of the management board) will manage the business.

In order to further develop the Asset Management Team, we are pleased to announce the appointment of Ene Ounmaa, who will take up the position of Fund of Funds manager as well as co-manager of Russian and Eastern European equity funds. Ene has worked in the investment field for almost 15 years and has previous experience as a portfolio manager, investment manager and fund manager. Since February 2009 she has been working as a bond fund portfolio manager for AS Evli Securities, analysing stocks for equity funds and macro-economics in addition to managing a credit fund.

Swedbank Investment Funds was the first asset management company in Estonia. It has been operating since 1994 and manages pension funds, investment funds and institutional investment portfolios. Since 2009 it has been part of Swedbank Robur. Swedbank Robur, founded in 1967, is the largest asset manager in Sweden, with more than €70 billion in funds under management and more than 3 million clients.