The Management Board of AS LHV Varahaldus, a subsidiary of AS LHV Group, will be
facing changes as Mihkel Oja, the chairman of the Management Board has announced
his resignation from the position.
Mihkel Oja will continue to work as a chairman of the Management Board of LHV
Varahaldus until appointment of the new chairman. According to plans, this will
happen within a couple of months; the search for a new CEO has already started.
The decisions for the removal of the member of the Management Board and
appointment of a new member of the Management Board will be made by the
company's Supervisory Board after the new CEO is found.
Mihkel Oja has worked with LHV since 2002. He has managed LHV Varahaldus for the
last 12 years, from the beginning of 2007. "Rapid development of LHV has given
me a possibility to participate almost in several different ventures. The
strength of LHV pension funds has been their ability to adjust to the constantly
changing market. Additionally, the development of the last two years, where the
assets to be saved for retirement are becoming an important source of capital
for the local economy, is only gaining its impetus. As a result of an increase
in my family, a time has come for me personally, where I would like to devote
myself to other activities," commented Mihkel Oja.
"The input of Mihkel in the constantly changing environment has been invaluable
in managing and growing Varahaldus. The volume of 2nd pension pillar funds of
LHV has increased more than 50 times since 2006, currently totalling at 1.2
billion euros, and the number of clients saving for pension at LHV has grown to
178,000. At the same time, the share of LHV on the mandatory funded pension
market has increased to 30%, which has been encouraged also by the acquisition
of Danske Capital carried out under the lead of Mihkel in 2016. The most
important thing, however, is the team of Varahaldus that has operated in a good
atmosphere, having managed to create the most value for the Estonian pension
savers. We thank Mihkel for the positive impact and design of LHV's appearance
and culture," commented Madis Toomsalu, CEO of LHV Group.
LHV Varahaldus is the second largest pension fund management company in Estonia
and the largest domestic institutional investor. The company employs 25 people.
The area of activity of the company is management of investment funds. In
addition to mandatory and voluntary pension funds, LHV Varahaldus manages one
UCITS fund and also offers an investment advisory service to the SEF-LHV Persian
Gulf Fund.
LHV Group is the largest domestic financial group and capital provider in
Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV
employs over 390 people, and more than 161,000 customers use LHV's banking
services. Pension funds managed by LHV have more than 178,000 active clients.
Priit Rum
Communication Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee (mailto:priit.rum@lhv.ee)
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