The Association of Pension Fund Managers has been established by 12 Moscow-based money managers.
The association was formed to influence develop of legislation affecting money managers, which are new entities in Russia.
"The main purpose of the association is to promote a civilized market of private pensions through participation in rule-making and law-making by the Inspectorate of Non-government Pension Funds, the State Duma, etc.," said Evgeny Yakushev, the association's newly elected chairman. Mr. Yakushev also is general director of Sobstvennost, an investment firm, and Pension and Actuarial Consulting, Moscow.
Association members have consulted with the inspectorate on licensing requirements for money managers and will work with the Federal Securities Commission on securities law regulations.
Members of the trade group include Moscow's most important managers, such as the Inter-regional Investment Bank, GeliosTrust, and investment companies Rinako Plus, Osnovanie, Sobstvennost, Veko and Kogorta.
Internally managed pension funds also may join the group, as did Toko-fond, the pension fund established by Toko-bank.
The association also welcomes foreign-based managers with Russian operations.