Wednesday, December 11 2013 11:44

Armenian CB registers heads of pension funds C-QUADRAT Ampega Asset Management Armenia and Amundi- ACBA- Asset-Management


ArmInfo. Armenian Central Bank (CB) registered the heads of the pension funds C-QUADRAT Ampega Asset Management Armenia and Amundi-ACBA- Asset-Management on 10 December, the CB press-service told ArmInfo.

According to the source, members of the Amundi-ACBA- Asset-Management CJSC Board are Stepan Gishyan, Christian Pierre Noel Romei and Olivie Andre Mari Desnos. Philippe Claude Russo is appointed Executive Officer of the fund. Members of C-QUADRAT Ampega Asset Management Armenia Supervisory Board are Ernst-Ludwig Drays., Andreas Wimmer, and Martin Gratz. Arman Vardanyan is appointed Chairman of the Board.

The shareholders of Amundi-ACBA Asste Management Armenia CJSC (registered by CB of Armenia on 19 November) are Amundi Asset Management (France with 51% shares and ACBA-Credit Agricole Bank with 49% shares. Amundi Asset Management is a subsidiary of Societe Generale (25%) and Credit Agricole (85%). Amundi manages $1.3 trillion assets. The company operates in 30 countries serving over 100 million customers. It is the leader in Europe and the 9th in the world by asset management.


"C-QUADRAT Ampega Asset Management Armenia" received the CB licnese on 29 November 2013. It was set up in October 2013 as a joint venture of German Talanx Asset Management and Austrian C-QUADRAT. 74.9% shares of "C-QUADRAT Ampega Asset Management Armenia" is owned by C-QUADRAT Investment. C-QUADRAT Investment was established in 1991. It has been listed in the Prime Standard of the Frankfurt stock exchange since 2006 and since May 2008 on the Vienna stock exchange. With offices in Vienna, London, Frankfurt and Geneva and sales activities in 17 countries, C-QUADRAT is active throughout Europe.


To recall, the voluntary accumulative pension system was introduced in Armenia on Jan 1 2011. The system will become compulsory starting Jan 1 2014. According to the bill, the minimal pension in the country will be equal to the minimum wage, while the basic pension will total 150% of the minimum wage. The compulsory accumulative pension system will apply to the citizens born after Jan 1 1974 (the citizens below 40). Starting Jan 1 2014, 5% of their salaries will be transferred to their personal accumulative accounts. The government will transfer a similar amount (but no more than 25,000 drams). The first registered manager of the voluntary pension funds in Armenia id Capital Asset Management CJSC (CB's licese dated 18 Oct 2012). Making strict requirements to the managing companies of the compulsory accumulative pension funds, the CB registered two big professional market participants with European capital in Nov 2013: C-QUADRAT Ampega Asset Management Armenia (Nov 29) and Amundi-ACBA- Asset- Management, France. The CB licensed these companies for management of pension funds.

Earlier in November, the CB registered Amundi-ACBA Asset Management and C-Quadrat Ampega Asset Management Armenia and licensed them to manage investments funds and compulsory pension funds. These companies offer three strategies of investment: fixed yield pension fund (FIX), conservative pension fund (CON) and Balanced pension fund (BAL). The customers are free to choose one of the given strategies. Ardshininvestbank, VTB Bank (Armenia), Araratbank, Armbusinessbank, and HayPost are pension account operators who have made relevant contracts with the Central Depository of Armenia OJSC. To recall, the voluntary accumulative pension system was introduced in Armenia on Jan 1 2011. The system will become compulsory starting Jan 1 2014. According to the bill, the minimal pension in the country will be equal to the minimum wage, while the basic pension will total 150% of the minimum wage. The compulsory accumulative pension system will apply to the citizens born after Jan 1 1974 (the citizens below 40). Starting Jan 1 2014, 5% of their salaries will be transferred to their personal accumulative accounts. The government will transfer a similar amount (but no more than 25,000 drams).

The first manager of the mandatory pension (investment) fund in Armenia is Capital Asset Management CJSC (CB licensed dated on 18 Oct 2012). In November 2013, the CB registered another two companies: "Amundi-ACBA Asset Management Armenia CJSC (19 Nov) and C-Quadrat Ampega Asset Management Armenia (29 Nov).
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