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| Parex Group / About Parex Group / Parex Group: Pension Fund Management / Parex Open Pension Fund (Latvia) | |||||||||
Parex participates both in the 2nd and 3rd tier pension systems offering a number of state-funded and private pension plans, thus ensuring its clients secure and prosperous old age. The opportunities that are provided by Parex pension plans are available to any private or corporate client. Parex Open Pension Fund (POPF) is a licensed third tier pension fund registered in Latvia. POPF is under the supervision of the Financial and Capital Market Commission of the Republic of Latvia. Maintaining conservative profile, Parex pension plans aim to exceed CPI level in Latvia thus providing positive real return to it’s participants in long-term. Pension plan funds are primarily invested in highly liquid assets, including government and corporate bonds, equities, real estate and bank deposits. The performance of Parex Open Pension Fund’s pension plans in LVL and USD since inception was among the highest among all private pension plans in Latvia, according to the data as of December 31, 2008. Parex Balanced and Active 3-rd tier pension plans in Lats showed positive results of 5,45% and 5,50% since inception respectively, whereas Parex Active USD plan showed the result of – 5,37%. The net asset value of Parex Open Pension Fund amounted to LVL 14.6 mln and the Fund had 52 529 participants, as at December 31, 2008. The number of participants in Parex Open Pension Fund has increased by 9986 clients throughout 2008. Parex Open Pension Fund is offering four licensed pension plans with different investment strategies:
302 legal entities have entrusted their employees’ private capital to POPF (as at 30 April 2008), which is the best result in the sector.
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