Assets of non-state pension funds (NPFs) under the management of ICU Investment Group grew by 20.4% to UAH 1.07 billion in 2024, while the total increase in assets of the entire non-state pension system of the country amounted to 17.3% to UAH 5.72 billion, the group said in a press release on Friday.
“Despite the wartime challenges, the stable operation of NPFs and the growing need for long-term motivational tools for employees have attracted the attention of employers to corporate pension programs,” it quotes Grigory Ovcharenko, director of asset management at ICU Group in Ukraine, as saying.
It is noted that excluding the NPF of the National Bank of Ukraine, the share of assets of the investment group in the context of the entire non-state pension system amounted to 32.1% at the end of this year.
The company reminded that ICU manages the assets of six NPFs: NCPF “Ukreximbank” (NAV as of February – UAH 413.5 million), VNPF “Emerit-Ukraine”, NPF “Dynasty”, NPF “Priчастность”, NPF “Mutual Aid”, NPF “Turbota”.
According to the release, NPF “Turbota” at the end of 2024 increased the amount of contributions by 84.8% (net asset value, NAV as of February was UAH 2.55 million), NPF “Dynasty” – by 42.8% (NAV of UAH 292.4 million) and NPF “Mutual Aid” – by 33% (NAV of UAH 10.6 million).
The leaders of ICU NPFs in terms of net profitability according to the results of 2024 were: NPF “Dynasty” (+19.8%), NPF “Mutual Aid” and ONPF “Emerit-Ukraine” (+18.3%, NAV 328.8 million UAH), which took the fourth, fifth and sixth positions among all NPFs in the country.
“All these funds outperformed inflation, devaluation and yields on hryvnia-denominated government bonds and deposits,” the company notes in the release.
According to ICU information, the number of clients in funds managed by the group increased by 4.4% over the year – to more than 124 thousand people.
ICU Group is an independent financial group providing brokerage, asset management and private equity services. The company is also engaged in venture capital and fintech investments. ICU’s geographic focus is on emerging markets around the world. It has more than $500 million in assets under management and a client investment portfolio of UAH 23.8 billion.
The group, according to its data, has been the largest broker of government bonds in Ukraine for more than 15 years.
The co-owners of ICU are Makar Pasenyuk and Konstantin Stetsenko.
