INVL Asset Management is taking over the management of Swedbank Investicijų Valdymas’s Swedbank Supplementary Pension Fund, a supplementary voluntary pension accumulation fund which until 23 March this year operated under the name Danske Pension Plus. The Bank of Lithuania gave permission for this transaction on 24 July. Completion of the transaction and assumption of the fund’s management by INVL Asset Management is planned in three months’ time.
“We believe this transaction will first of all benefit the clients of the pension fund that’s being acquired – we’ll seek to create value for them and help grow their assets just like we do for those saving in the other funds we manage. For our part, we’ll try to ensure that these changes are as smooth as possible,” INVL Asset Management CEO Darius Šulnis said.
The participants of the Swedbank Supplementary Pension Fund do not need to take any actions on account of the transfer of the fund’s management. This change will not have any impact on the number or value of the fund’s units. Participants will receive a personal notification about the fund management changes and will have the right within three months of that notification sending date, at no charge, to switch to another 3rd pillar pension fund of their choice or to terminate the pension accumulation agreement and end participation in the pension fund.
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.
“The Swedbank Supplementary Pension Fund is the only supplementary voluntary pension accumulation fund that Swedbank Investicijų Valdymas manages. 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.
After taking over the Swedbank Supplementary Pension Fund, INVL Asset Management will manage a total of five 3rd pillar pension funds. Until now the company has operated the INVL Stabilo III 58+, INVL Medio III 47+, INVL Extremo III 16+ and INVL III Equity pension funds. The company also manages four 2nd pillar pension funds.
As of the middle of this year, 126 500 Lithuanian residents were accumulating in pension funds managed by INVL Asset Management, with 119 900 of them saving in 2nd pillar and 6 600 saving in 3rd pillar pension funds. The corresponding assets under management of the company’s pension funds totalled EUR 297.7 million, including 2nd pillar assets of EUR 278.8 million and EUR 18.9 million of 3rd pillar assets. The Swedbank Supplementary Pension Fund which is being newly acquired had assets under management of EUR 1.7 million as of 30 June this year, with slightly more than 1 000 Lithuanian residents accumulating a supplementary pension in the fund.
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 as well as international investors have entrusted them with over 520 million euros of assets.
Swedbank Investicijų Valdymas operates six 2nd pillar pension funds which, according to data for the middle of this year, have 511 600 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.