On 26 June 2009 Securities Commission (SC) approved the merge of investment funds controlled by UAB SNORAS Asset Management with SNORAS Global Equity Funds of Funds (SGEFF) by joining JT Baltic Equity Fund I.
On 26 June 2009 Securities Commission (SC) approved the merge of investment funds controlled by UAB SNORAS Asset Management with SNORAS Global Equity Funds of Funds (SGEFF) by joining JT Baltic Equity Fund I. It is the first case in the history of Lithuanian capital market when two investment funds are merged.
“Investment strategies of the merged funds are very similar. By merging the funds we will be able to optimize the funds management, the enlarged assets of the controlled fund will allow to more widely diversify fund investments. We are not going to change either the investment strategy or the management policy; therefore, the participants of the funds will not feel the difference,” stated Evaldas Jurevičius, the General Director of SAM.
The investment units of the merged fund JT Baltic Equity Fund I, which the fund participants have acquired, will be converted free of charge into the investment units of the investment fund SNORAS Global Equity Funds of Funds. The fees for SGEFF participants remain unchanged, and they will even decrease for the participants of the merged fund. Starting from the beginning of the year, SGEFF unit value has increased by 18 per cent (01 01 2009 - 26 05 2009).