INVL Asset Management has assumed the management of the Swedbank Supplementary Pension Fund, a supplementary voluntary (3rd pillar) pension accumulation fund. Documents completing the transaction between the company and the fund’s management company until now, Swedbank Investicijų Valdymas, were signed today, on 2 November. Permission for the transaction was given on 24 July this year by the Bank of Lithuania.
“In managing the assets entrusted to us, we first of all seek the best result for clients – we’re confident that, having assumed the management of the Swedbank Supplementary Pension Fund, we’ll also be able to provide value for those in Lithuania accumulating a pension there. With the transaction to take over the fund complete, we’re now ready to serve our new clients,” said Laura Križinauskienė, the CEO of INVL Asset Management.
The change of the fund’s management company will not influence the number and value of fund units, which were accumulated by the fund’s participants – accumulated fund units will be transferred to the new management company. As of 30 September this year, the Swedbank Supplementary Pension Fund had assets under management of EUR 1.76 million, with somewhat more than 1 000 Lithuanian residents accumulating a supplementary pension in the fund.
After taking over the Swedbank Supplementary Pension Fund, INVL Asset Management manages a total of five 3rd pillar pension funds. It already operated the INVL Stabilo III 58+ bond pension fund, the INVL Medio III 47+ mixed investment pension fund, and the INVL Extremo III 16+ and INVL III Equity equity pension funds. The company also manages four 2nd pillar pension funds.
The Swedbank Supplementary Pension Fund has operated since May 2013. Swedbank Investicijų Valdymas took over the fund in July 2016, together with 2nd pillar pension funds, from Danske Capital Investicijų Valdymas, by acquiring 100 per cent of that company’s shares. Until 23 March this year, the fund operated under the name Danske Pension Plus. It was planned that the pension fund’s transfer to INVL Asset Management would be completed no later than by 30 November this year.
“The Swedbank Supplementary Pension Fund was the only 3rd pillar pension accumulation fund that Swedbank Investicijų Valdymas managed. After analysing the management company and other analogous services offered by the Swedbank group and considering the need to operate effectively, the decision was made to transfer the management company’s rights and obligations, at the same time aiming to continue focusing on the 2nd pillar pension fund activities which are being developed successfully,” said Tadas Gudaitis, the Director of Swedbank Investicijų Valdymas.
As of the end of September this year, 129 000 Lithuanian residents were accumulating in pension funds managed by INVL Asset Management, with 122 300 of them saving in 2nd pillar and 6 700 saving in 3rd pillar pension funds. The corresponding assets under management of the company’s pension funds totalled EUR 315.7 million, including 2nd pillar assets of EUR 296 million and 3rd pillar assets of EUR 19.75 million.
INVL Asset Management is part of the Invalda INVL group, whose companies manage pension and mutual funds, alternative investments, private equity assets, individual portfolios and other financial instruments. More than 180 000 clients in Lithuania and Latvia and international investors have entrusted them with over EUR 540 million of assets.
Swedbank Investicijų Valdymas operates six 2nd pillar pension funds which, according to data for the end of September this year, had 513 100 participants and nearly EUR 1 billion of accumulated assets.
INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.