17 November 2006
Press Release
In the meetings held on 16 November 2006, Tapiola’s Supervisory Boards discussed the possibility to merge Tapiola Asset Management Ltd and Tapiola Fund Management Company Ltd. The merger became topical due to an amendment of a law. As a result of this, the Board of Directors for Tapiola Asset Management Ltd and Tapiola Fund Management Company Ltd decided to make significant efforts to develop asset and fund management services and merge these two successful companies under the name Tapiola Asset Management Ltd. The merger will take place in the spring 2007. The owner of the new company will be Tapiola Bank Ltd which since the summer 2006 has been the owner of the merged companies. The current employments in the companies will be transferred to the new company, and no cuts will be made as a result of the merger.
Accordant with the numbers from September 2006, the assets under management of Tapiola Fund Management Company Ltd are EUR 1,147.6 million. The number of fund unit holders is 18,613 and the company is listed as the eight biggest fund management company in Finland. Assets under management of Tapiola Asset Management Ltd amount to EUR 5,059.1 million making the company the fifth biggest in Finland.
Savers and Investors as Special Target
- Tapiola strives to increase the resources in the asset management by engaging all competent performers and specialists in the project. Through this decision, we want to efficiently utilize the expertise of all persons chosen to leading positions. In addition, the merger will significantly clarify the structures and division of work, comments Group Director Jari Saine. Saine is on the board level responsible for Tapiola’s bank, savings and investment services. The Supervisory Boards have appointed Saine Vice-Chairman of the Board of Directors of Tapiola Insurance Companies as well as Substitute for President Asmo Kalpala. Saine will take on these responsibilities as of the beginning of 2007.
The board of directors for Tapiola Asset Management Ltd and Tapiola Fund Management Company Ltd has appointed Group Director Tom Liljeström as Managing Director for both companies as of 1 January 2007. Liljeström is responsible for the merger of the two companies into Tapiola Asset Management Ltd. Liljeström is also the Managing Director for the new company and reports to Jari Saine. Tapiola Fund Management Company Ltd’s Managing Director Asko Sasi and Tapiola Asset Management Ltd’s Managing Director Jyrki Mäkelä will continue as Directors in the new company in accordance with the present distribution of responsibility. Sasi and Mäkelä report to Liljeström.
Corporate Client Services Managed by Antti Calonius
Antti Calonius, Director for Major Clients, Foreign Operations and Brokers, was appointed Group Director for Corporate Client Services and member of the Board of Directors for Tapiola Insurance Companies. Calonius’ extensive corporate know-how and international experience complements Tapiola’s recruitments to develop corporate services.
The Board of Directors for Tapiola General has appointed (13 November 2006) Heikki Taipalvesi Deputy Managing Director for Tapiola General. He will also continue in his present task as Head of Corporate Insurance Services Unit.
Arto Jurttila to Manage Services to Private Households
The Supervisory Board appointed Arto Jurttila as successor to Group Director Juhani Heiskanen, responsible for services to private households. Jurttila continues as Director for Sales, Marketing and Regional Services until he takes on his new task after Heiskanen’s retirement in the beginning of 2008. However, Jurttila will gradually take responsibility for the private household services in 2007 in connection with the planning for 2008.
In his new duty as Member of the Board of Directors and Group Director Jurttila is responsible for services to private households. The appointment of Jurttila’s successor will be prepared thoroughly, and should be decided before the summer holidays 2007.