Former assets of Sber’s Welfare Management block went to individuals

The management companies (MC) “First” and “Modern Real Estate Funds” (former “Sber Asset Management” and “Sber Real Estate Funds” respectively, both were part of the Welfare block) became the property of several individuals, writes Frank Media with reference to the financial statements. The same thing, judging by the data of the Unified State Register of Legal Entities, happened to NPF Pension Solutions, which also belonged to Sberbank.

Sberbank sold 51% of the shares in SB Blagosostoyanie LLC, which owned shares in Sber Asset Management and Sber Real Estate Funds, in March 2022. Sistema Telecom Assets LLC, a subsidiary of AFK Sistema, received 49% of the shares. Interlocutors “b” expectedthat the deal was carried out in order to bring the companies out of sanctions risks.

At the end of the year, Pervaya Frank Media was told that SB Welfare had not owned the assets of the management company since the spring – by December 31, Start JSC became the parent company. According to the Unified State Register of Legal Entities, in May 2022 Start JSC also became the owner of the Modern Real Estate Funds Management Company.

“Ultimate owners through the Modern Investment Products Market Promotion Fund are individuals, none of whom has control,” the UK reports.

The CEO of Start is the former chief lawyer of Sberbank Asset Management Alexander Khrameshkin, writes FM, while the Modern fund is managed by Dmitry Mamatov, the former acting general director of Sberbank Asset Management.

The same unnamed individuals through the same companies (Start and Modern) became the buyers of NPF Pension Solutions last year, according to Frank Media.

The Wealth Management block was identified by Sberbank in 2013. He combined asset management, pension, insurance and depository projects of the bank. At the end of 2021, the assets under his management amounted to 2.1 trillion rubles.

Grigory Leiba