The number of clients of the pension manager IPAS Indexo (hereinafter – INDEXO) has for the first time reached 100 thousand and the assets under management have exceeded EUR 600 million and are now EUR 602 million, when taking into account the 2nd and 3rd pension pillar. The number of clients have grown by 46% over the past 12 months and assets under management have grown by 29%.
“Last year, INDEXO was the only one of the leading pension managers in Latvia that has managed to increase the amount of clients and assets under management. It’s been a challenging year for the financial markets, but INDEXO’s approach has been highly appreciated by clients. In addition, we see additional growth opportunities in the coming years. A recent study shows that more than one hundred thousand Latvian residents have a positive attitude towards INDEXO and are open to working together with us,” says Valdis Siksnis, chairman of the INDEXO Board and one of the company’s founders.
A population survey conducted by the sociological research company Norstat last November reveals that 49% of residents recognize the INDEXO brand. Meanwhile, 20% of the population consider INDEXO as a potential manager of their 2nd pension pillar, ahead of well-known brands like Luminor and Citadele. This indicates that INDEXO still has significant growth potential in the near future. The research was conducted in November of last year, surveying 1,003 respondents in Latvia in the age group from 25 to 60 years.
As reported, in parallel with pension management, INDEXO is actively working on the new bank project and recently submitted the application for the banking license. INDEXO is now also working on the development of the new bank service offer, the creation of IT systems and risk management models, as well as other issues related to the future operation of the bank.
Last summer INDEXO conducted its IPO where it successfully raised EUR 7.49 million and the company’s shares were oversubscribed by around EUR 2.5 million. In the IPO, investors acquired the pension management company’s shares, and it is planned that the new INDEXO bank will be a subsidiary of the pension management company. INDEXO shares were listed on July 15, 2022 on Nasdaq Riga Baltic Main List. The ticker symbol of INDEXO shares in IDX1R.
Bank (credit institution) license is subject to authorization granted by the European Central Bank based on Financial and Capital Market Commission’s (FCMC) proposal.