OREANDA-NEWS. Invalda LT, one of the largest companies in Lithuania investing in other businesses and managing assets, on Monday acquired 100 percent shares in Finasta Asset Management, an asset management company in Latvia. Separate deals were also completed on January 5, 2015 that increased the owned stake in Lithuanian investment bank Finasta up to 99.99 percent and up to 100 percent in the financial brokerage company Finasta.

The joint acquisition cost of the Finasta group companies in Lithuania and Latvia, including the amount paid to minority of the shareholders and the expenses paid for the consultants, amounted to EUR 7.35 million.

"The final completion of Finasta Group acquisition in the first days of the year allows us to focus on the development and expansion of the main asset management business of Invalda LT in 2015. The tailoring of investment products to the different needs of the customers and optimizing business management structure are the priority tasks in order to strengthen the asset management business."-Darius Sulnis, the president of Invalda LT, said.

Finasta Asset Management in Latvia had 48 thousands clients and managed assets of EUR 45.1 million at the end of 2014. The amount of clients of Finasta Asset Management in Lithuania reached about 50 thousand and assets under management amounted to EUR 134 million at the end of 2014. At the end of November 2014 equity of bank Finasta was EUR 6.1 million, assets - EUR 65.4 million.

Invalda LT in Lithuania also owns MP Pension Funds Baltic, a specialised pension funds management company. MP Pension Funds Baltic had 63 thousand clients and had EUR 96.3 million assets under management at the end of 2014.