Published: 2019-05-27 07:00:00 CEST
LHV Group
Changes board/management/auditors

Changes in the Management board of AS LHV Varahaldus

The Supervisory board of AS LHV Varahaldus, a fund management company belonging to the AS LHV Group consolidation group, intends on 5 June 2019 to pass a decision appointing Vahur Vallistu the CEO and Management board member of AS LHV Varahaldus as of 6 June.

Pursuant to a previous announcement, Mihkel Oja will resign after a new Management board member has been appointed. The relevant announcement is available here: https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=873662&messageId=1099468. Mihkel Oja’s resignation will take place after the transfer of duties in June. After the resignation of Mihkel Oja, the Management board will consist of two members: Vahur Vallistu and Joel Kukemelk.

“Regardless of inconsistencies in legislation, the aim of LHV Varahaldus is to offer the best performance to the investors of the investment funds, including pension funds. We need to be able to continuously demonstrate that wealth is accumulated through saving and investing, not by consuming at the expense of retirement age. We thereby believe that thanks to the alleviation of the investment restrictions made by the legislator, conditions have been created to achieve even higher long-term performance. That in turn requires an increase in the percentage of non-listed investments, which is why one of the important tasks of Vahur will be reinforcement of the investment team. It is also important that LHV Varahaldus which is mainly focused on the management of pension funds could in the future bring other investment products to the market,” said Madis Toomsalu, the CEO of LHV Group.

“I look forward to joining the team of LHV Varahaldus. The historical long-term performance of the pension funds across all investment strategies proves distinctly that it is a capable organization with dedicated people,” commented Vahur Vallistu. “On the other hand, new challenges and opportunities lie ahead; as a result of the alleviation of investment restrictions coming into effect this year, we intend to increasingly look towards non-listed investments both in real estate and other asset classes,” added Vallistu.

As of 2011, Vahur Vallistu has been working in the project financing department of AS Swedbank and as of 2018, has been a committee member of the Corporate banking. He belongs to the Supervisory board of SA Haridussõprade Toetusfond. Vahur Vallistu does not own shares of AS LHV Group. He has graduated from the Stockholm School of Economics in Riga and has a CFA certificate.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV employs over 400 people, and 174,000 customers use LHV’s banking services. Pension funds managed by LHV have more than 177,000 active clients.


Priit Rum
LHV Communication Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee