Citadele Asset Management has been licensed to operate as a manager of alternative investment funds in Latvia.
Uldis Upenieks, chairman of Citadele AM, said: "We are delighted that Citadele Asset Management in specific was the first to receive this license in Latvia, because that is a sign of quality in terms of the services that we offer.
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The license, given by the Finance and Capital Markets Commission, comes in response to a new law on alternative investment funds and their managers. All the firms involved in the business need to comply with the regulatory requirements.
The law was introduced last year by the government in cognizance of a directive from the European Parliament and Council.
Apart from investing in liquid financial instruments such as stocks and debt obligations, alternative investment funds also invest in derivatives such as raw materials, currencies, hedge funds, real estate and risk capital.
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