We are pleased to announce that Skrastiņš & Dzenis acted as legal adviser to IPAS “PNB Asset Management” on sale of pension funds’ management rights. Such a deal is extremely rare in Latvian jurisdiction and thus we are proud be part of this extraordinary transaction.
As a result of price survey all three IPAS “PNB Asset Management” 2nd pension pillar investment plans were taken over by “Citadele” subsidiary “CBL Asset Management”.
As of 30 June IPAS “PNB Asset Management” had 66’493 members with accumulated assets of 110 million EUR in investment plans. IPAS “PNB Asset Management” managed three 2nd pension pillar investment plans “Daugava”, “Venta” and “Gauja”.
Our team provided general advice on regulatory compliance, drafted sale purchase agreements and carried out deal’s legal due diligence. The team was led by senior partner Verners Skrastiņš.