September 7, 2018 / 4:33 PM / 18 days ago

UPDATE 1-RTI takes control of Russian pensions firm FG Budushchee

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Sept 7 (Reuters) - Russian pension fund manager FG Budushchee, which manages more than 300 billion roubles ($4.3 billion) in assets, said on Friday that it had been taken over by Cyprus-registered Riverstretch Trading & Investments (RTI).

FG Budushchee had been controlled by the family of businessman Boris Mints. Mints had lowered his indirect share in Budushchee to 1.42 percent from 89.72 percent on July 26, Budushchee said in a separate statement on Friday.

Control of Budushchee, as well as O1 Properties, was transferred to Riverstretch as part of a settlement of debt held by O1 Group, another company owned by the Mints family, to Credit Bank of Moscow, the companies said in a joint statement.

Riverstretch will review the strategy and operations of both companies, said Alexei Mazin, head of Riverstretch’s Russian office .

RTI will focus on reducing O1 Properties’ debt, he added.

Budushchee, which is Russian for “future”, had said last month that it was in talks to hand control to Riverstretch, which had already taken on the private pension fund’s debt.

“All of our business processes are continuing smoothly and without interruption. Information on our plans for further development will be announced as they are approved by the new shareholder”, FG Budushchee’s Chief Executive Marina Rudneva said.

RTI is a private investment firm founded in 2007 in Cyprus, focused on real estate and property development. ($1 = 69.5554 roubles) (Reporting by Anna Pruchnicka in Gdynia; Editing by Susan Fenton and Louise Heavens)

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