Evli focuses on wealth, drops corporate finance
21.02.2012, 12:38Finnish Evli Bank investment bank is narrowing its Baltic focus by dropping corporate finance activity but planning to take asset management one step higher – to wealth management, writes news2biz.
"Evli Bank as a group has been recently refocusing more toward wealth management, and this is also bringing changes to the Baltic opera-tion," says Jolanta Latviene, the new CEO and board chairman of Evli Securities, Evli's Tallinn-based Baltic subsidiary, to news2biz.
"In the Baltics, we have so far been offering rather unsophisticated asset management services, like portfolio management. Starting from now, we will be adding more services for our local customers, such as investment and tax advisory, which will make us into a full-blown wealth management business, a family office.
In 2011, Evli Bank's assets under management slimmed by 13% to EUR 4.5bn but, according to Latviene, there was no decrease in the Baltics. "We manage EUR 100m+ for institu-tional investors and an-other EUR 30m for private investors, and we lost none last year," she says.