Indexo to restructure into financial holding company
Indexo is separating its pension management business from the parent company and transferring it to a subsidiary as part of a group restructuring. The move is designed to create a holding structure for future growth, without affecting pension plan members.
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Indexo has announced plans to improve its group structure by separating the pension business from IPAS INDEXO, which currently acts as both the group's parent and pension investment manager. The pension operations will be transferred to subsidiary INDEXO Asset Management IPAS. Later, all group activities related to third-pillar pension management will also move to that company. IPAS INDEXO will remain the parent company of the INDEXO Group after the transfer.
The planned changes will not affect IPAS INDEXO's status as a company listed on Nasdaq Riga. Group CEO and co-founder Henrik Karmo said the group has grown rapidly in recent years. The original pension business has been supplemented by other pension and investment management companies, as well as INDEXO Banka and DelfinGroup. He explained that a structure where the pension manager is also the parent is no longer optimal from an operational, governance or accounting perspective. The new structure is intended to support further growth, with one holding company and several financial services companies working in their own specialisations to create synergies.
Members of Indexo investment and pension plans do not need to take any action, and the restructuring will not affect plan operations or member rights. Investment policy, fees and plan terms remain unchanged; only the licensed company within the group that manages the plans will change.
Legally, the process began on 12 August 2026, when IPAS INDEXO and its wholly owned subsidiary INDEXO Asset Management IPAS signed a business transfer agreement covering the pension management business. In parallel, Indexo has submitted an application to the Bank of Latvia to change the manager of state-funded pension scheme assets for the investment plans “INDEXO plāns Jauda 16-55”, “INDEXO plāns Izaugsme 55-62” and “INDEXO plāns Konservatīvais 62+”, asking it to approve INDEXO Asset Management IPAS as the new asset manager.
IPAS INDEXO plans to transfer the entire pension management business unit as a going concern, including second-pillar plan management with related contracts and staff, third-pillar plan management, shares in Indexo Atklātais Pensiju Fonds AS, relevant IT infrastructure and other assets, rights and obligations. As a result, INDEXO Asset Management IPAS, already a Bank of Latvia licensed investment management company that manages state-funded pension scheme assets, will become the only Indexo group entity managing pension assets.
The transfer will be carried out gradually, in line with the contractual timetable and subject to all necessary permits from the Bank of Latvia and the State Social Insurance Agency. Indexo will separately inform the market about the completion of each phase, including the handover of second- and third-pillar plan management.
