As of 3rd August 2010 Parex Asset Management (Parex) has changed its name to Citadele Asset Management.

The change is result of Parex banka´s (Bank) restructuring plan under which, a part of the Bank´s assets have been moved to create a new bank entity – bank Citadele. Citadele has a stable financial base, which now makes it easier to attract investors and repay Latvian state institutions which have invested into the Bank. The Bank´s subsidiaries, branches and representation offices worldwide are now operating under the new name of Citadele.

The change of the name does not affect clients in any way. Citadele Asset Management continues to manage a range of open end and closed-end investment funds, as well as offer over 20.000 third party funds to local and international clients - private, corporate and institutional. Citadele Asset Management employs over 50 experts and will continue to serve customers with the greatest care and professionalism.

Official informative letter on the name change could be downloaded here.