RUSSIA - Aviva has agreed to acquire ING Group's non-state pension fund business along with its holding company in Russia, making it the largest foreign-owned manager of non-state pension funds.
Aviva Europe chief executive Andrea Moneta commented: "This acquisition will grow our market share of the Russian non-state pension fund business significantly, taking us from a top three foreign-owned player to the leading position. The deal provides the opportunity for us to cross-sell other life and savings products to a substantial customer base."
The pension fund provides pensions to large multi-national corporate clients and has 17,000 members. ING's business had assets under management of £30.4 million (US$45.2m) while gross assets of the holding company were £80,000 at 31 December 2008.
The acquisition has been approved by the Russian anti-monopoly authority and is expected to be completed in early May this year.
The news comes just one week after ING announced its plans to shed its non-core assets in a bid to raise $10bn. (Global Pensions, 9 April 2009)
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