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Report: Russian investment group buys pension fund with ties to VEB

Ladya River, a unit of Investment Group Russian Funds, became the owner of Russian nonstate pension fund Vnesheconomfond, Kommersant reported Dec. 5.

The value of the transaction was not disclosed. Prior to the deal, the pension fund was owned by six individuals, including Vladimir Dmitriev, the former head of Vnesheconombank.

The new owners of Vnesheconomfond plan to continue to cooperate with Vnesheconombank, which is the fund's strategic partner. The investment group also wants to merge the nonstate pension funds it already owns under Vnesheconomfond, with the merged fund's AUM to total 6.1 billion Russian rubles, the newspaper noted.

As of Dec. 5, US$1 was equivalent to 58.72 Russian rubles.