Citadele Bank

Citadele Asset Management Named the Best Investment Management Company in the Baltics

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World Finance, one of the leading international finance magazines, has recognised Citadele Asset Management, a subsidiary of Citadele Bank, as the best investment management company in the Baltics in 2012.

This is the third international award that Citadele Asset Management has received this year. As reported previously, the investment fund information and research company Lipper presented the Citadele Eastern European Bond Fund-USD with the Lipper Fund Award 2012 for the best consistent, risk-adjusted performance over three years in the Emerging Europe Bond Fund category; during this period, the fund’s investors were able to enjoy a net total return of 97.6%.

This year, funds managed by Citadele Asset Management also received high ratings from the financial data and research company Morningstar: the Eastern European Bond Fund-USD received the highest possible five-star overall rating (placing it above 90% of its peers), and the Citadele Russian Equity Fund received a four-star overall rating (placing it above 70% of its peers).

„For the past two years, readers of World Finance have recognised Citadele Asset Management as one of the leading investment management companies in the Baltics, but this year we have been named the best. We are honoured by such a high degree of international recognition, which doubtlessly sets an even higher standard for our work going forward,” says Vladimirs Ivanovs, Chairman of the Board of Citadele Asset Management.

„The key to the success of Citadele Asset Management lies in forming long-term, trust-based relationships with clients and offering them innovative and competitive products, while paying particular attention to careful risk management,” explained V. Ivanovs. „This strategy has proven to be successful in today’s volatile economic environment and has allowed our pension funds, mutual funds and other investment products to achieve some of the best returns among their peers. Our principal strengths are the broad range of investment funds under in-house management, specialisation in Eastern European markets, and a professional team with experience working in the leading financial institutions in the Baltics and abroad.”

World Finance is one of the leading international finance magazines, published by World News Media in London. Candidates for the World Finance Investment Management Award were chosen by World Finance readers, who cast their votes from August 2011 to January 2012. All investment management companies that operate in the Baltic region were eligible to receive the award. The final decision was made by a panel of judges.

A subsidiary of Citadele Bank, IPAS Citadele Asset Management is one of the leading investment management companies in the Baltic States. Citadele Asset Management provides investment management services to both local and international clients: private individuals, corporations, investment funds, insurance firms, and 2nd and 3rd level pension plans. Subsidiaries of Citadele Asset Management offer investment management services to clients in Lithuania and the Ukraine. In Latvia, Citadele Asset Management also offers life insurance services through its subsidiary Citadele Life. The company has branch offices and subsidiaries in Russia, Lithuania, the Ukraine, Kazakhstan and Belarus.

More information about the World Finance award and an interview with Zigurds Vaikulis, Member of the Board of Citadele Asset Management, and Andris Kotāns, Director of the Fund Management Department, can be found at

About Citadele Bank

Citadele is a local bank in Latvia, offering banking, financial and capital management services. The Citadele Group is represented in Latvia and in 10 other countries. Citadele Bank is the only collaboration partner of American Express® in Latvia and Lithuania who is entitled to issue American Express credit cards. The vision for Citadele is to become the most valuable local financial group in the Baltic States. 75% minus one Citadele Bank’s shares are possessed by the State Joint Stock Company Privatization agency on behalf of the Latvian State and the owner of 25% plus one share is the European Bank for Reconstruction and Development (EBRD).

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