OREANDA-NEWS. May 13, 2015. “CBL Asset Management” IPAS (hereinafter – the Company) hereby announces that the Company’s Board was expanded according to the Council’s decision of 29 January 2015.

The Company’s Board was expanded from two to four members.

At present, the Company’s Board is composed of Chairman of the Board Uldis Upenieks, Board Member Zigurds Vaikulis and the newly elected Board Members Andris Kot?ns and Lolita Si?eva. These changes in the Board composition were registered with the Enterprise Register on 11 May 2015.

Andris Kot?ns has been employed by the Citadele Group since 2007. A.Kot?ns started his financial career in 2001 as an audit consultant with the audit firm Ernst & Young. In 2005 he started his employment with IPS “Hansa Fondi” as a financial market analyst and then he was promoted to fund manager. In 2007 he decided to join the largest locally-based asset management team of IPAS “Parex Asset Management”. Over these years, A.Kot?ns has gained considerable experience in the management of various investment portfolios, meanwhile keeping his focus on Eastern European and emerging bond markets. Under his management, several funds managed by IPAS “CBL Asset Management” have attained and received highest international recognition; for instance, the bond fund CBL Eastern Europe Bond Fund has earned five stars from Morningstar, which is the highest possible rating. A.Kot?ns has also been elected to the investment committee for 2nd and 3rd pillar pension plans managed by the Company. A.Kot?ns became a member of the Chartered Financial Analyst Institute in 2007; he holds a master’s degree in economics from the Central European University and a bachelor’s degree in economics and business management from the Stockholm School of Economics in Riga.

Lolita Si?eva has been employed by the Citadele Group since 2005. She started her career in the financial sector as early as 1995 as a project manager for investment funds and private pension funds. In 2005 she joined AS “Parex Asset Management” as the head of the Customer Monitoring Division, while in a year she accepted a challenge to continue her career in life insurance with the newly established insurance company “Parex dz?v?ba” as the Chairperson of the Board. She remained in this position until 2008. Lolita Si?eva was employed in the Operations Division of “Citadele Asset Management” IPAS as a deputy head since 2009 and as the head since 2011. Lolita Si?eva has gained financial experience while working for AS “Trasta komercbanka” and IAS “Baltikums Asset Management”. She holds a master’s degree in economics from the University of Latvia.