Avaron Asset Management received a management company's licence
On 28 December 2006 the Financial Supervision Authority issued to AS Avaron Asset Management a management companys licence with the right to provide securities portfolio management services.
The company's owner and fund manager is Peter Priisalm. The supervisory board of Avaron Asset Management is composed of Andres Liinat, Laire Puhmaste and Kristjan Kalda, and the management board members are Peter Priisalm and Endo Tõnuver.
Companies who wish to manage investment funds are required to obtain a relevant licence from the Financial Supervision Authority. According to the Investment Funds Act, the share capital of a management company shall be at least 125 000 euros, unless it manages pension funds. A management company's net own funds must not at any moment be less than its minimum share capital.
Seven other companies operate as management companies under licences from the FSA: Hansa Investeerimisfondid, LHV Varahaldus, Sampo Baltic Asset Management, SEB Ühispanga Fondid, Trigon Funds, ERGO Varahalduse AS. Only one new management company has entered the market lately - AS Kawe Kapital in October 2005.