Russian investment group Russkie Fondy acquired nonstate pension fund NPF Ugol, Vedomosti reported Dec. 8.

Vitaly Plotnikov, who is responsible for pension business development at Russkie Fondy, reportedly refused to reveal the exact size of the deal but said the pension fund was acquired for a sum lower than 15% of its assets.

Russkie Fondy already controls two other nonstate pension funds and plans to consolidate them, with the assets of the merged fund to exceed 1 billion Russian rubles (US$15.8 million), Vedomosti reported. Plotnikov also said the company plans to continue making acquisitions on the pension market, it added.

Russkie Fondy wants its combined pension assets to exceed 5.5 billion rubles (US$86.8 million) by 2020, Vedomosti said.