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Budushchee pension funds get new owner


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Budushchee pension funds get new owner

Cyprus-based Riverstretch Trading & Investments Ltd. completed the takeover of Russian pension manager Budushchee Financial Group from O1 Group, controlled by Russian businessman Boris Mints.

O1 Properties Ltd., which is involved in the development and management of premium class commercial office real estate properties in Moscow, was also part of the takeover transaction, Budushchee said in a Sept. 7 filing. Control of the companies was taken by Riverstretch as part of the settlement of O1 Group's debt on a loan received from PAO Credit Bank of Moscow, which was transferred by the lender to parent OOO Concern Rossium and later to Riverstretch.

Budushchee Group manages nonstate pension funds NPF Sotsialnoe razvitie, NPF Obrazovanie, NPF Telecom-Soyuz and NPF Budushchee, with the total value of assets under their management amounting to over 300 billion Russian rubles.

Riverstretch Trading & Investments is affiliated with Russian investment company Region, which in turn is a minority shareholder at Credit Bank of Moscow, Kommersant reported in August. The Cypriot company will most likely act as a temporary owner of Budushchee pension funds, and they could be merged with pension funds Neftegarant NPF, Neftegarant NPO and Soglasie OPS, linked to Region and Rossium, the newspaper said at the time.

As of Sept. 7, US$1 was equivalent to 69.51 Russian rubles.