INDEXO, a financial services group, which includes pension management companies IPAS INDEXO, AS INDEXO Atklātais Pensiju Fonds, and AS INDEXO Bank, has acquired the pension management company VAIRO, obtaining 100% of its shares. As a result of the transaction, IPAS VAIRO has become part of the INDEXO group. VAIRO’s pension investment plans will continue to operate as before, and no action is required from VAIRO clients in relation to this transaction.
“VAIRO joining the INDEXO group is a positive development for VAIRO clients and for the Latvian financial sector as a whole. Through this transaction, we are strengthening a local financial services group that works for the benefit of Latvian residents. INDEXO already boasts some of the lowest management fees among pension managers, and once the assets managed by VAIRO are added to the INDEXO portfolio, we will be able to reduce VAIRO’s management fees by 20%,” says Artūrs Roze, Member of the Management Board and Asset Manager at IPAS INDEXO and VAIRO.
At the same time, a new Supervisory Council, Management Board, and Asset Manager have been appointed for VAIRO. The new Supervisory Council will consist of Henrik Karmo, who will serve as Chairman, Marija Černoštana, and Ivita Asare. H. Karmo is also Chairman of the Management Board at IPAS INDEXO, M. Černoštana is a Member of the Management Board of IPAS INDEXO, and I. Asare is a Member of the Management Board of INDEXO Bank.
Meanwhile, the Chairman of the Management Board and Asset Manager of VAIRO will be Artūrs Roze, who is also a Member of the Management Board and Asset Manager at IPAS INDEXO. The Management Board of VAIRO will also include Līga Katrīna Kļaviņa, who simultaneously serves as Chairwoman of the Management Board of INDEXO Atklātais Pensiju Fonds.
Following the acquisition, VAIRO’s registered legal address has been changed to match that of the INDEXO group – Roberta Hirša iela 1, Riga, LV-1045.
About INDEXO Financial Services Group
INDEXO is a financial services group that includes pension management companies IPAS INDEXO, AS INDEXO Atklātais Pensiju Fonds, IPAS VAIRO, and INDEXO Bank.
The group’s pension management companies offer modern 2nd and 3rd pillar pension plans in Latvia. More than 157,000 clients have entrusted the management of their pension savings to the group, totaling over €1.49 billion.
INDEXO Bank, a credit institution licensed by the European Central Bank, serves more than 42,000 clients, with total client funds amounting to €52.4 million and a loan portfolio of €26 million.
Founded and based in Latvia, INDEXO is a publicly listed company on the Nasdaq Riga stock exchange with over 7,100 shareholders. The company’s mission is to advocate for a better financial environment in Latvia and to enhance the well-being of its residents by providing modern and personalized financial services.
More information is available at www.indexo.lv.