OTP Capital expands its pension business. The company bought open pension fund "FreeFlight"
"OTP Capital" has become the sole founder of the non-state pension fund "FreeFlight" instead of "Scientific and Production Enterprise "Ukrprominvest". The fund was established in 2007 for effective accumulation of pension savings in order to provide additional non-state pension payments for fund’s participants. Currently, the fund has 191 participants with UAH 736 thousand on their accounts.
"It's a small fund, but we have great plans for it. We want to redirect its investment strategy exclusively to USD-denominated and other foreign currency instruments. Thus, the fund participants will actually receive USD yield, which also means their savings will be protected against devaluation, because all savings will be revaluated in USD at NBU exchange rate. The launch of the fund’s sales, including OTP Bank branches, will expand our product line and offer a unique product to our clients", said Vitaliy Dyshlovy, Head of Sales and Marketing Department of AMC “OTP Capital”.
"OTP Capital" has been managing assets of "FreeFlight" since August 2017, with limited rights for determining its investment strategy, which is established by Pension Fund Board elected by the previous founder. After funder change, a new Board of the Fund will be formed, and OTP Capital will be fully responsible for fund’s investment activities and results.
Non-state pension fund "Free Flight" is the second open pension fund under control of AMC “OTP Capital”. OTP Pension» the biggest fund of “OTP Capital”, currently has 41 100 participants, which hold UAH 131 million on accounts in the fund. In addition, the company manages the assets of the Professional Pension Fund "Magistral", which belongs to The Trade Union of Railway Workers and Transport Constructors of Ukraine. This fund has 326 470 participants with UAH 38 million on their accounts.
The main goal of pension funds is to accumulate pension contributions from individuals and corporations, to invest them effectively in order to protect them against inflation and to provide additional non-state pension payments for fund’s participants.
Asset management company OTP Capital was established in July 2007 and became the second after OTP Bank representative of OTP Group in Ukraine. The company provides a wide range of high quality investment services to both corporate clients and individuals and is one of the leaders of the collective investments market. Under the management of AMC OTP Capital are 7 public mutual funds, 3 venture funds as well as open private pension fund OTP Pension. Total assets under management as of 31.03.2014 amount to UAH 187.74 mln.
To read the prospectus of the funds under management of OTP Capital please visit OTP Capital: 12 Kutuzova St., Kyiv or visit www.otpcapital.com.ua. License of NSSMC AD № 075876 from 28.09.2012 issued to LLC AMC OTP Capital.
Public joint stock company OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The Bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard. Its absolute owner is the largest Hungarian Bank OTP Bank Plc.