ABLV Asset Management, IPAS Changes Custodian Bank for Its Pension Plan

Riga, Latvia, February 28, 2018, 19:45 / Investments

Second pillar pension manager ABLV Asset Management, IPAS signed an agreement with ABLV Bank, AS about termination of the contract on custody services, and concluded a contract with Citadele banka, which will become the new custodian bank for the ABLV Active Investment Plan. In a few days, an appropriate order about transfer of all assets of the plan, including funds, to Citadele banka will be issued.

ABLV Asset Management, IPAS continues managing the pension plan, while Citadele banka will be the custodian bank, and will carry out other duties in accordance with the Law on Investment Management Companies. Please note that the assets of the second pillar pension are kept apart from the bank’s assets. The banks are merely custodians in this case, as well as they verify whether the funds are being invested in accordance with the State Funded Pension Law. Those who have entrusted their second pillar pension to ABLV Asset Management, IPAS do not need to do any additional actions, because the change of custodian bank will take place automatically.