Parex Asset Management                                          01.08.2005



THE NUMBER OF MEMBERS OF PAREX OPEN PENSION FUND HAS EXCEEDED 15000



The audited results of the first half of 2005 testify that the number of 

members of Parex open pension fund pension plans (third level of pension 

pillars) has exceeded  15000 persons. As at 30 June, the number of members 

of Parex pension plans has reached 15 269 persons, comprising 20,8% growth 

compared to the beginning of the year. 



For the first time in the development of the fund almost half of the new 

members was formed by individual agreements with physical entities (1296 

people). Such results were possible due interaction of several factors: 

growing perception of society about necessity to voluntary increase own 

pension capital, as well as the continues development and improvement of 

bank’s product sales network. Also the introduction of the tax credits for 

retail has contributed to the progression of the 3rd pillar of the pension 

system.



The administer of Parex open pension fund assets – enterprise Parex Asset 

Management – has ensured the highest profitability in the field. 

Importantly, the profitability of the fund exceeds the level of inflation 

in the country, namely, from the beginning of fund’s operation the 

investment portfolio of the pension plan Social security (Sociālais 

nodrošinājums) forms profitability at a annual rate of 9,52% (results for 

the first half of 2005 – 7,35%), furthermore the investment portfolio of 

the pension plan Supplementary pension (Papildpensija) generates 

profitability at annual rate of 9,16% (in the first half of 2005 – 6,55%).



Robert Idelson, the president of Parex Asset Management, comments: “The 

strategy of our company is based on the ensuring high profitability to our 

clients, exceeding the inflation level in the country. Hence, participation 

in the pension pillars is an effective way not only how to accumulate the 

capital for the future pension, but also a way how to preserve the capital

from the inflation today.”



In the first half of the year the assets of Parex open pension fund grew by 

17,4% to LVL 5,81 mln. Jakov Shur, councillor of president of Parex banka 

and chairman of Parex open pension fund’s board, said: “Our fund is the only 

one in the field the operational results of which ensure higher profit than 

costs. This factor endows additional sources for increase of accumulative 

pension capital for the members of the fund.”



In the first half of 2005 76 members of the fund have asked the right to 

fully or partially use the capital of accumulative pension totaling of 

LVL 18603.97 and EUR 1650. From the first days of the operations the fund 

has paid LVL 136271,24 and EUR 1650 to 447 members of the pension plan. 



Parex banka’s press department

For additional information, please, call: 7010141 or 9476754

Viktors Zaķis

Head of public relations and communications department