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Change in the Management Board of LHV Varahaldus

Written by Customer Service on . Posted in Public Companies.

The Supervisory Board of AS LHV Varahaldus, a subsidiary of AS LHV Group, has decided to recall Management Board member Joel Kukemelk as of 31 July 2024 as mutually agreed. After that the Management Board will consist of two members.

Joel Kukemelk has been working in LHV for a total of 18 years in various roles in the initial investment company, the bank and for the last 14 years in the asset management company. “With his dedication as a member of the board, as a fund manager and previously also as a portfolio manager and analyst, Joel has left a noticeable mark on the development of LHV and has also expanded the landscape of Estonian pension funds as a whole. With his active help, thousands of pension collectors have grown their assets,” commented Vahur Vallistu, Chairman of the Management Board of LHV Varahaldus.

According to Joel Kukemelk, now is a convenient time to depart and hand his work over to teammates. “Eight years ago we introduced the first index funds to the Estonian pension market and four years ago the only funds investing in the trend of green transition. In constructive cooperation with the state and market participants, we succeeded in creating an opportunity for pension collectors to start submitting applications for enhanced payments to II pillar pension from 2024. Additionally, as a result of active informing, the understanding of the need for an occupational pension has grown, and it has also reached the government’s coalition program,” commented Kukemelk.

Until the end of July, in addition to the position of a management board member, Joel Kukemelk will also perform his duties of fund manager, after which other members of LHV’s experienced investment team will take over the management of LHV pension funds Roheline, Indeks, Roheline III and Indeks III.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,100 people. As at the end of April, LHV’s banking services are being used by 432,000 clients, the pension funds managed by LHV have 120,000 active clients, and LHV Kindlustus protects a total of 167,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the UK and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.


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

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