News
GILD Arbitrage will have a new Fund Manager, Tõnu Pekk
GILD Bankers has decided to change the management of GILD Arbitrage and strengthen the team of the fund in restoring the value of GILD Arbitrage`s assets. The Fund Manager of GILD Arbitrage will be Tõnu Pekk. Majority of the current team members, including Tõnno Vähk, who has been the Fund Manager thus far, will continue in the strengthened team. Furthermore, GILD Bankers will carry out restructuring of the Group, as part of which AS GILD Fund Management, the fund management company of GILD Arbitrage, will be separated from the Group and the majority owner of the company will be Tõnu Pekk.
Rain Tamm, the Managing Partner of GILD Bankers believes it is necessary to involve new accomplished partners to restore the value of assets: „When we reached an agreement with the creditors and investors of the fund in the autumn and thereby solved the most critical issues related to the fund, as a next step we focused on improving the quality of the management and operation of the fund management company. Also, the Financial Supervision Authority has advised us to implement changes in the management of the fund management company. We weighed that proposal carefully and engaged in negotiations with several potential cooperation partners. By today we have reached an agreement with Tõnu Pekk."
Tõnu Pekk has held several leading positions in the financial sector for nearly 15 years; among others, he has worked in the Financial Institutions team at the European Bank for Reconstruction and Development (the EBRD).
In September 2009 GILD Arbitrage completed the restructuring of the debt obligations into long-term bonds. In October majority of fund unit holders participating at the General Meeting of GILD Arbitrage supported restructuring the fund to a non-public fixed-term fund. Fund continues to operate according to the agreed principles.
For additional information:
Kadri Kütt
Communication and Investor Relations Manager
GILD Bankers
+372 56 800 467
kadri.kytt(at)gildbankers.com