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BTA To Create New Endowment
BTA Bank will combine two pension funds and a company managing pension assets.
BTA Bankwill combine two pension funds and a company managing pension assets,Bloombergreports. The Kazakh bank had controlling stakes in theUlarUmitand BTA Kazakhstan funds and in pension asset manager,Zhetisy Management. BTA will control the new entity, called UlarUmit, following the completion of the transaction. The merger will be conducted in two phases, with theBTA Kazakhstan Pension Fundmerging with the UlarUmit pension fund, before both will be joined by Zhetisy, addsGlobal Pensions.
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