Lithuanian investment bank Finasta AB said its asset management unit acquired the Prudentis Baltic Fund (PRUBALT), which invests in publicly traded companies that work in Lithuania, Latvia and Estonia.
Finasta Asset Management UAB will keep the same investment strategy as the previous fund manager, Prudentis UAB, the Vilnius, Lithuania-based bank said on its website today.
The fund had total assets of 619,550 euros ($811,110) on Jan. 7 and a one-year return of 1.43 percent, according to data compiled by Bloomberg. Economic growth rates in the Baltic region that are among the European Union’s fastest will help improve performance and attract new investors, Finasta said.
Finasta is owned by now-defunct Lithuanian lender Bankas Snoras AB, whose administrator is seeking a buyer for the private banking and wealth-management subsidiary.
To contact the reporter on this story: Bryan Bradley in Vilnius at email@example.com
To contact the editor responsible for this story: Balazs Penz at firstname.lastname@example.org