Financial Services, Investments, Lithuania
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Friday, 29.03.2024, 03:37
Net asset value of Invalda LT made EUR 3.9 mln at end-September
After the split-off in the second quarter, Invalda LT is now presented as an investment company (according to the 10th International Financial Reporting Standard). This means, that all assets owned by Invalda LT are valued according to their fair value, while only the main management businesses is consolidated.
"We have completed the acquisition of MP Pension Funds Baltic, a specialised pension funds company, during the third quarter of 2014 and have signed a binding Share Purchase Agreement for the acquisition of Finasta Group. These deals are strategic to Invalda LT group. They will strengthen position of Invalda LT as one of the largest and oldest participants in the asset management market in Lithuania", Darius Sulnis, the president of Invalda LT, said.
At the end of September 2014, investment into the main asset management business (MP Pension Funds Baltic and license seeking Invalda LT Investments) amounted to LTL 12.8 million (EUR 3.7 million). MP Pension Funds Baltic had LTL 308.2 million (EUR 89.3 million) assets under management at the end of the third quarter of 2014. The company has 62,000 clients. Compared to the beginning of 2014, company's assets under management increased by 22.2%, the number of clients – by 7.4%.
Cash and cash equivalents owned by Invalda LT amounted to LTL 27.9 million (EUR 8 million) at the end of nine months of 2014.