O1 Group, controlled by businessman Boris Mints, acquired Russian nonstate pension fund NPF Sotsialnoe razvitie from Fletcher Group Holdings, Vedomosti reported Feb. 1.

The acquired unit will be merged into Financial Group Budushchee, becoming its fourth pension fund, next to NPF Budushchee, NPF Telecom-Soyuz and NFP Obrazovanie.

Budushchee carried out an IPO at the beginning of November 2016, in order to raise funds to further develop its pension business.

Fletcher Group Holdings is controlled by Russian businessman Vladimir Lisin, the owner of Novolipetsk Steel.