Baltic International Bank will resume providing custodian-bank services

News - May 29, 2018

On 22 May 2018, Baltic International Bank, JSC and ABLV Asset Management (a privately owned investment manager) concluded the agreement whereby from now, Baltic International Bank is the custodian of the mutual funds managed by ABLV Asset Management.

Under the Investment Firms Act (Ieguldījumu pārvaldes sabiedrību likums) of the Republic of Latvia, ABLV Asset Management uses a custodian bank as an intermediary for conducting transactions involving assets of the mutual funds. So far, JSC ABLV Bank has performed as the custodian bank. After the conclusion of the new agreement, ABLV Asset Management will continue managing the mutual funds. As for Baltic International Bank, it will operate as the custodian bank.

 “We possess multiple years of industry experience gained while rendering custody and brokerage services. We are therefore confident that our expertise and professionalism enable us to provide top-quality services to investment firms!” the Deputy Chairperson of the Management Board of Baltic International Bank Viktors Bolbats explains.

The two aspects of the aforesaid agreement will enter into force on two distinct dates: the provisions for assets custody take effect on the date on which the agreement is signed; other functions, including the supervisory and monitoring functions, will take effect after the funds’ assets have been fully transferred to the new custodian bank’s (Baltic International Bank) accounts.

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