Austrian fund manager merges with Erste AM
Austria based investment company Erste-Sparinvest (ESPA) merges with its parent company, Erste Asset Management (EAM).
The merger has already been approved by the required bodies and the Financial Market Authority. It became effective as result of the entry in the commercial register on 3 November 2018 and will be retroactively effective for accounting purposes as of 31 December 2017.
The composition of the board of EAM remains unchanged, consisting of Heinz Bednar (CEO), Winfried Buchbauer, Wolfgang Traindl, and Peter Karl.
All employees of ESPA will be taken over into EAM. This also applies to the organisational units and the management teams.
All investment funds under ESPA management, i.e. the entire pool of assets under management of EUR 32.1bn (as of 29 September 2018) managed by ESPA, will be taken over and managed by EAM from the day of the merger.
The investment funds of ESPA will remain unchanged, and this also applies to the fund names. There will be no changes arising to the investors of ESPA investment funds from the merger.