Business news from Ukraine


ICU Investment Group has taken over the management of the Turbota open non-state pension fund and is positioning it as a 100% foreign currency pension fund, the investment group’s press service said.
“Along with active growth of the number of participants in non-state pension programs, their interest in investing in foreign exchange assets is increasing. This is the strategy we are introducing for the first time on the Ukrainian non-state pension fund market,” Head of Local Asset Management at ICU Hryhoriy Ovcharenko said.
According to the press release, at the initiative of ICU, the composition of the independent supervisory board of the open non-state pension fund was renewed. It was headed by member of the supervisory board of Nova Poshta, former Board Chairman of Pravex Bank Taras Kyrychenko. Apart from Ovcharenko, the fund’s board also includes Board Chairman of the insurance company ARX Andriy Peretiazhko, representatives of the asset management company UpInvest – Head of the UpInvest regulatory requirements department Serhiy Kyrpychov and Head of the administration department Anna Tarasenko, as well as Head of the investment sales department of the asset management company ICU Maryna Petrenko.
The direct management company of the open non-state pension fund will be an asset management company belonging to ICU Group – the administrator of pension funds UpInvest.
Turbota open non-state pension fund began its work in 2009. The founders of the fund are AMC Art-Capital Management LLC and Investment Financial Company Art-Capital LLC.
According to the financial statements, the net asset value of Turbota at the end of September 2021 amounted to UAH 438,000, the volume of pension contributions for nine months – UAH 87,000, payments – UAH 75,000, investment loss – UAH 6,500, and the increase in the net unit value of pension assets – 4.9%.
According to the data on the official website UpInvest, almost 76,000 pension accounts are under its administration, and the total value of assets under management exceeds UAH 556 million. The company estimates its share of the NPF asset management market at 28%.
ICU Group is an independent financial group providing brokerage, asset management and private equity services. The group is also involved in venture capital investments. The geography of ICU interests is emerging markets around the world.



The Cabinet of Ministers proposes to abolish support for agricultural producers, for which UAH 4 billion is provided in the 2020 national budget and increase funding for the Pension Fund of Ukraine by UAH 20 billion, to UAH 192 billion.
The materials of amendments to the law on the 2020 national budget of Ukraine, which the government submitted to the leadership of the Verkhovna Rada, were released by MP Oleksiy Honcharenko in the Telegram Channel on Thursday, March 26.
According to the amendments, the Cabinet of Ministers also intends to cut a number of subventions to local budgets, namely for the construction and repair of roads by UAH 3.24 billion, to UAH 18.9 billion; for local elections by more than UAH 2 billion, to UAH 1.3 million.
The amendments also provide for a reduction in the financing of the State Road Agency (Ukravtodor) by UAH 3.27 billion, to UAH 18.9 billion.
Regarding the country’s power bloc, it is proposed that the financing of the Interior Ministry be left at almost the same level at UAH 92.961 billion against the current UAH 92.966 billion. The costs for the Prosecutor General’s Office are proposed to be cut by UAH 50 million, to UAH 7.55 billion.
According to the materials with the proposed changes, funding for the Cabinet of Ministers Secretariat can be reduced by UAH 670 million, to UAH 930 million; the Supreme Court by UAH 110 million, to UAH 2.27 billion, the Verkhovna Rada apparatus by UAH 11 million, to UAH 1.989 billion.

, ,