RIGA - Investment & Pensions Europe, a financial trade publication, has placed Parex Asset Management, a subsidiary of Parex Bank, among the 400 largest asset management companies in Europe.
Viktors Zakis, Parex Bank's spokesman, said PAM ranks 383rd on the list and is the only Eastern European company included.
PAM currently manages assets worth more than one billion euros and it is the largest investment management company in the Baltic states. PAM has subsidiaries offering asset management services to customers in Lithuania, Russia and Ukraine. PAM's investment fund Parex Austrumeiropas Sabalansetais Fonds is available to customers in Latvia, Lithuania, Sweden and Germany.
Together the investment companies included in the list manage a total of assets worth 30 trillion euros.
Parex Bank ranks third among Latvian banks by assets. Its major shareholders are the bank's managers Valerijs Kargins and Viktors Krasovickis.
Investment & Pensions Europe magazine is published once a month since 1997 and is a comprehensive guide to pension fund management in Europe.