New ambitious player in pension funds in Lithuania

2022.07.02

Jonas Iržikevičius, CEO of the Goindex pension company, told "Verslo žinios":

"As a company, we will not seek a quick profit, it is much more important for our existing shareholders that in Lithuania, after almost 15 years of waiting, the competition in the II pension pillar fund market will finally increase and savers will have an alternative choice - passively managed index funds, whose management costs are traditionally somewhat lower than existing actively managed funds.

The company's 25 shareholders have formed a sufficient capital base to enable us to successfully enter the market and offer an alternative solution to those accumulating both in the II and III pillar pensions. At the same time, we are happy that a considerable number of financial investors have shown interest in the Goindex pension funds company idea, who also understand that this market in Lithuania, although it has already reached the age of 18, is still significantly behind compared to other developed countries of the European Union, and the population is still save very little for financial stability in their old age.

Prospective clients (both those who are already saving in II and III pillar funds, as well as new ones who are just starting to save) will be able to join us in the now becoming traditional "online" way by concluding contracts remotely (it should only take a few minutes), or with the help of our consultants.

The pension funds' investments will be directed to broadly diversified global index and exchange-traded equity funds, as well as index bond funds, which are also traded on the exchange.

Indexo IPAS (pension fund management company and one of the minority shareholders of Goindex, www.indexo.lv) has been successfully operating in Latvia for 5 years according to a similar operating model, as well as Tuleva, www.tuleva.ee, operating in Estonia. The pension fund markets of the Baltic countries are very similar, but there are certain differences in Lithuania, which, of course, we will take into account and adapt what suits our customers best."

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