Kyiv, 7 June 2017 – 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.”
ICU is an independent asset management, private equity and investment advisory firm specialising in the emerging markets of Central and Eastern Europe.
ICU was founded in 2006 by senior investment professionals from ING and currently manages over $400m in assets. Since 2010 ICU’s flagship CIS Opportunities Fund has delivered returns exceeding 16 percent per year, net of fees, versus less than 1% annual returns for the HFRI Emerging Markets Russia/Eastern Europe Index over the same period.
ICU’ veteran investment team has experience in private equity, high yield corporate debt, distressed debt, restructurings and other special situations across a number of emerging markets. Investment decisions are supported by robust macroeconomic and sectoral analyses from in-house team of research economists.
ICU team aims to provide superior risk-adjusted returns across a number of asset classes. The firm is expanding its reach into key European markets via a combination of organic growth and acquisition and continues to expand the range its investment offerings.
UkrSibbank was founded in 1990 in Kharkiv, Ukraine. Since then the Bank has transitioned from a regional bank to a national leader thanks in part to its strategic partnership with one of the world’s largest banking groups, BNP Paribas.
In 2006 BNP Paribas became a principal shareholder of UkrSibbank and has since increased its shareholding of the bank to 59.99%. The European Bank for Reconstruction and Development (EBRD) owns 40% of issued shares.
UkrSibbank has NBU license number 75 dated 05.10.2011 for the right to provide banking services.
About UkrSib Capital Management
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 Group. UkrSib Capital Management has assets under management of UAH 694.85m (€23.94m) over four corporate investment funds and one non-state pension fund.
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