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PXS: Annual Report of IPAS “Citadele Asset Management” for 2010

Spekuliantai.lt | 2011-04-12 | NASDAQ OMX biržų naujienos | perskaitė: 1180
Raktiniai žodžiai: Parex Asset Management IPAS, PXS
PXS: Annual Report of IPAS “Citadele Asset Management” for 2010

Citadele Asset Management Financial Statement Release 12.04.2011

Annual Report of IPAS “Citadele Asset Management” for 2010

Change in the name of Citadele Bank's subsidiary “Parex Asset Management” IPAS
to “Citadele Asset Management” IPAS was registered with the Enterprise Register
of the Republic of Latvia on 3 August 2010. Significant changes were made in
the company's management at the end of 2010 and at the beginning of 2011 by
approving the following Board of Directors: Vladimirs Ivanovs, Raimonds Vesers
and Zigurds Vaikulis; the latter of the Directors also became Head of Portfolio
Management Department. As a result of changes, we have created a team of
professionals which is capable of providing clients with high quality asset
management services.

Regardless of the complicated situation with restructuring of AS Parex banka,
2010 was generally successful for the company. Increase in main sectors of the
financial markets ensured good investment management results and facilitated
the interest of clients in using investment management services. During the
period of account, the company achieved notable results in asset management:
profitability of “Universal”, State-funded pension scheme investment plan,
reached 9.01% for 2010 and the profitability of “Active” was 11.80%. These were
the best results in conservative and active plan groups correspondingly.

The total amount of assets managed by Citadele Asset Management IPAS increased
by 13% to 306.6 million Lats during the period of account, the largest
proportion of which (slightly more than one third or 106 million Lats) was
shaped by State-funded pension scheme assets whereas the total amount of client
assets in individual management was 88 million Lats or 29% of the total sum.

In comparison with 2009, income from commission for asset management increased
by 16%, reaching 2.8 million Lats.

Income from core activity of Citadele Asset Management IPAS totalled to 3.1
million Lats which is an increase by 20% comparing to 2009. In order to
optimize the company's activity, we continued to implement measures for
decreasing expenses - expenses in total for 2010, compared to 2009, were
reduced by 7%.

Company's net profit for the period of account was 420 thousand Lats (179
thousand Lats in 2009).


1. CAM_GP_2010.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=344532)

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