Raiffeisen names head of Russian pension fund

RUSSIA - Austria's Raiffeisen has named a new head of the Russian pension fund it bought last month.

It named Evgeny Yakushev as general director of the non-state pension fund Raiffeisen, formerly Dobroe Delo, which it bought for an undisclosed sum as part of a bid to enter Russia's third-pillar market.

Raiffeisen said Yakushev was previously chairman at the Globex pension fund and "took an active part in the development of Russian legislative system in terms of pension reform".

The fund, whose named means 'good deed', was registered in 1994 and operates more than 14,500 contracts with individuals and 67 contracts with corporate clients.

"Under Mr. Yakushev's supervision the fund's next immediate targets will be active support of pension reform in the Russian Federation, further development of voluntary pension provision and participation in mandatory pension insurance," said Raiffeisenbank board chairman Michel Perhirin.

Raiffeisenbank has operated in Russia since 1996.

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