In August 2006, NPF Raiffeisen and asset management company ZAO UnitedFinancial Group INVEST signed a pension trust management agreementproviding for transfer of RUR 30 million in pension deposits to bemanaged by the UFG specialists.
CEO of NPF Raiffeisen Yelena Gorshkova commented on the deal and said,“ZAO United Financial Group INVEST is the third asset management company we contract to manage pension funds under our supervision. Our partners are a team of professionals with a wealth of expertise, and we believe our clients will appreciate the high quality and sustainability of the services we deliver.”
Management partner of UFG INVEST asset management Florian Fenner said,“We are pleased to become business partners of the well-recognised and highly reputable Raiffeisen non-state pension fund, and hope our joint effort will continue on the long-term basis with mutual success. Thousands of investors have trusted us with their funds, and hold ourteam of professionals in high regard. I hope clients of NPF Raiffeisen will enjoy being serviced by our specialists.”
Non-State Pension Fund Raiffeisen holds license issued by the Ministryof Labour and Social Development of the Russian Federation under number67/2 dated 16 April 2004 to operate as a non-state pension fund offeringvoluntary and mandatory pension insurance services.
As of 1 July 2006, NPF Raiffeisen ranks 16th amongst 106 other NPF’s participating in the mandatory pension provisioning programme by pension deposits, and ranks third by pension deposit per client. Currently NPF Raiffeisen manages RUR105 million in pension deposits that were ceded by the Pension Fund of Russia, up by over 8 times against 2004.
In September 2006, the pension funds under management of NPF Raiffeisenexceeded RUR 142 million. Over the period the Fund operates as member ofthe Raiffeisen Group, NPF Raiffeisen has boosted pension deposits underits management by more than three times.
Asset managers UFG INVEST has been operating in the Russian market forover a decade; it holds license from the Federal Service for FinancialMarkets of Russia to offer management services for investment funds,unit trusts, and non-state pension funds issued under No. 21-000-1-00012on 31 October 1996, and license from the Federal Committee forSecurities and Stock Exchanges of Russia to offer securities management,under No. 077-07260-001000 on 19 December 2003. The company’s mainstream business is management of unit trusts, pension reserves, and pension deposits in non-state pension funds, and also trust management services in the securities market.
ZAO United Financial Group INVEST is a business unit of the assetmanagers group with highest quality management standards in the area ofpension deposits (source: National Rating Agency, August 2006); thecompany was rated individually at“AAA” by NRA as at July, 2006, i.e. ranked as maximum reliability company with stable outlook.
Currently, ZAO United Financial Group INVEST has over RUR 350 million inpension deposits, and around RUR 1.5 billion in pension reserves underits management.
NPF Raiffeisen was founded by ZAO Raiffeisenbank Austria. ZAORaiffeisenbank Austria is subsidiary of Raiffeisen InternationalBank-Holding AG, which operates one of the leading banking networks inthe EU, with subsidiary banks and leasing companies in 16 markets acrossCEE. Eleven million customers are serviced through over 2,700 businessoutlets. Raiffeisen International is a fully consolidated subsidiary ofRaiffeisen Zentralbank Oesterreich AG (RZB), which owns 70 percent ofthe share capital. The remaining 30 percent of the shares are traded onthe Vienna Stock Exchange. Core of the biggest Austria-based bankinggroup Raiffeisen, RZB is a leading corporate and investment bank inAustria.