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.