# LHV Asset Management

LHV Asset Management is an Asset Manager based in Tallinn, Estonia.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Tallinn, Estonia
- **Region:** Europe
- **Address:** Tallinn, Estonia
- **Founded:** 1999
- **Assets under management:** More than €1 billion
- **Website:** lhv.ee
- **LinkedIn:** https://www.linkedin.com/company/lhv-asset-management

## Regulatory record

- **Reports private funds:** No

## About

LHV is the biggest domestic financial group in Estonia. LHV Varahaldus is its asset management entity and was founded in 1999. LHV’s leading pension funds have nearly 129,000 clients. The group offers investment funds and pension fund management.

## Sectors

- Financial Services

## People

- Rain Lõhmus — Founder

## Questions

### What is LHV Asset Management's relationship to LHV Bank?

LHV Asset Management is a wholly owned subsidiary of AS LHV Group, which also owns LHV Bank, Estonia's largest independent domestic bank. The asset manager benefits from the banking group's distribution network and brand, serving as the primary channel for customer savings that flow into Estonia's mandatory second-pillar and voluntary third-pillar pension funds. The two entities share a common leadership lineage tied to founder Rain Lõhmus.

### Which pension pillars does LHV Asset Management operate under?

LHV AM manages funds under both Estonia's second pillar — mandatory funded pension accounts for working residents — and the third pillar, which covers voluntary supplemental retirement savings. The second-pillar mandate is structurally significant, as contributions are deducted from gross salaries and routed to authorized managers, making LHV AM a recipient of steady, non-discretionary inflows from the Estonian workforce.

### Does LHV Asset Management allocate to private markets or strictly public securities?

The manager's retail pension funds are primarily invested in listed equities and government or corporate bonds across developed and emerging markets. While the parent LHV Group operates venture-investment vehicles targeting Baltic startups, the asset management unit itself does not publicly market closed-end private equity or private credit funds to pension savers. Any overlap in deal sourcing between units is not publicly detailed.

### How does LHV Asset Management source investment ideas in the Baltic region?

Idea sourcing for the Baltic-focused funds benefits from the group's on-the-ground banking operations. LHV Bank provides lending and capital-markets services to mid-cap Baltic companies, creating an informational pipeline about local corporate health and strategic activity. The asset management team, which is separate from the banking credit function, can draw on this regional coverage when evaluating Nasdaq Tallinn, Riga, and Vilnius-listed names.

### What is Rain Lõhmus's current role at the firm?

Rain Lõhmus co-founded LHV, served as its long-time chairman, and remains the group's dominant shareholder. While day-to-day investment decisions are made by the asset management team, Lõhmus's influence on strategic direction and capital allocation is significant. He also managed investment entities outside LHV, including a well-known early personal position in Bitcoin, though this is separate from the regulated asset manager's funds.

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Last updated: 2026-08-11T15:07:19.634Z

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