Russian Federation Pension Fund, Moscow, will issue RFPs on July 16 for firms to manage money for the $3.5 billion scheme, said Alexander Podenok, Russia’s labor and social development secretary. Speaking at the Russian Asset Management Symposium in Moscow, Mr. Podenok said the scheme plans to assign money to external managers by Jan. 1. He said further details will be announced in early June. No consultant is being used.
Under reforms passed by Russia’s Parliament in 2002, the 80 million Russian workers in the plan will have the option of selecting private firms to manage their retirement savings.