Financial services group INDEXO, which comprises the pension management business, INDEXO Bank and financial technology company DelfinGroup, plans to refine its group structure by establishing a financial holding company model under which the parent company will own group entities operating across different financial services segments.
To implement the planned changes, INDEXO intends to separate the pension business from IPAS INDEXO, which has so far served both as the Group's parent company and as a pension asset manager, and transfer it to its subsidiary, INDEXO Asset Management IPAS. At a later stage, all Group activities related to third-pillar pension management are also planned to be transferred to this company. Following the transfer of the pension business to the subsidiary, IPAS INDEXO will continue to serve as the parent company of the INDEXO Group. The planned changes will not affect the status of IPAS INDEXO as a company listed on the Nasdaq Riga Stock Exchange.
"Over the past few years, the INDEXO Group has grown rapidly. What started as a pension business has expanded to include additional pension and investment management companies, as well as INDEXO Bank and DelfinGroup. Over time, it has become clear that a structure where a pension management company also serves as the Group's parent company is no longer the most optimal model from either an operational or governance and reporting perspective. With these planned changes, we are creating a Group structure that is fit for future growth: a single holding company with several financial services businesses operating in their respective areas of expertise and working together to create additional synergies," says Henrik Karmo, CEO and co-founder of INDEXO.
No action is required from participants in INDEXO investment and pension plans, and the planned changes to the Group’s structure will not affect the operation of the plans or the rights of their participants. The investment policy, fees and plan rules will remain unchanged. The only change will be the licensed company within the INDEXO Group that manages the plans.
From a legal perspective, on 12 August 2026, IPAS INDEXO, registration number 40203042988, registered office at Roberta Hirša iela 1, Riga, LV-1045, Latvia, and its wholly owned subsidiary INDEXO Asset Management IPAS (formerly IPAS VAIRO), registration number 40203474347, signed a Business transfer agreement regarding the transfer of IPAS INDEXO's pension management business to INDEXO Asset Management IPAS.
At the same time, INDEXO informs that it has submitted an application to the Bank of Latvia requesting approval for a change of asset manager for the state-funded pension scheme investment plans "INDEXO plāns Jauda 16-55", "INDEXO plāns Izaugsme 55-62", and "INDEXO plāns Konservatīvais 62+", asking the regulator to approve INDEXO Asset Management IPAS as the new manager of these plans.
IPAS INDEXO plans to transfer to INDEXO Asset Management IPAS its entire pension management business as a going concern, including the management of second-pillar pension investment plans, all related contracts and employees involved in the management activities, third-pillar pension plan management, shares in Indexo Atklātais Pensiju Fonds AS, the related IT infrastructure, and all other assets, rights and obligations associated with the pension management business.
As a result of the planned transaction, INDEXO Asset Management IPAS, an investment management company licensed by the Bank of Latvia that already manages assets of the state-funded pension scheme, will become the sole company within the INDEXO Group responsible for pension asset management.
The transfer will be implemented gradually in accordance with the timeline stipulated in the agreement and subject to receiving all required approvals from the Bank of Latvia and the State Social Insurance Agency. INDEXO will separately inform the market about the completion of each phase of the transfer process, including the completion of the transfer of management of second-pillar pension investment plans and third-pillar pension plans.
About the INDEXO financial services group
INDEXO is a financial services group comprising pension management companies IPAS INDEXO, INDEXO Atklātais Pensiju Fonds AS, and INDEXO Asset Management IPAS, as well as INDEXO Bank AS and DelfinGroup AS.
The Group's pension companies manage EUR 1.7 billion for more than 161 thousand customers in Latvia. INDEXO Banka, a bank licensed by the European Central Bank, serves more than 66 thousand customers with deposits exceeding EUR 150 million and a loan portfolio exceeding EUR 118 million. The Group reached profitability in the first quarter of 2026.
For more information, visit: https://indexo.lv/