ICU, specialising in Central and Eastern Europe, has reached an agreement to acquire UkrSib Capital Management LLC, a subsidiary of UKRSIBBANK BNP Paribas Group. This is one of several acquisitions ICU has made in the asset management sector, in anticipation of forthcoming pensions reforms in Ukraine.
UkrSib Capital Management was founded in 2013 as an institutional asset management company within UKRSIBBANK, a leading financial institution in Ukraine majority owned by BNP Paribas. UkrSib Capital Management has assets under management of UAH 694.85m (€23.94m) over four corporate investment funds and one non-state pension fund [As of 31 March 2017]. The firm’s team of specialists have extensive experience in securities and Ukrainian real estate.
Through its partnerships with international financial groups, UkrSib Capital Management has its foundations firmly rooted in a western-style financial model characterized by robust management standards, transparency and stability. This facilitates many synergies with ICU, which was founded in 2006 by senior investment professionals from ING.
The takeover has received permission from the Anti-Monopoly Committee of Ukraine and is now subject to approval from the National Securities and Stock Market Commission. The acquisition price is not being disclosed.
Konstantin Stetsenko, Managing Partner of ICU, said:
“ICU is a recognized leader in Ukraine for investment mutual funds and non-state pension funds. The acquisition of UkrSib Capital Management will strengthen ICU's market position and enhance ICU's pension offering at a time when we believe the Ukrainian pension system is approaching a period of drastic reform. We will continue looking for other suitable targets that fit our expansion strategy.”