New company Sber Real Estate Funds obtains Bank of Russia license

Oct 08, 2020

The Bank of Russia has issued a license to the Sber Real Estate Funds management company to manage investment funds, mutual investment funds, and non-government pension funds.

Sber Real Estate Funds is a specialized asset management company to manage closed-end mutual investment funds which was founded this July. The company is headed by Ekaterina Chernykh, who was responsible for the development of real estate funds at Sberbank Asset Management. The products of the new company will be presented under the new SberInvestment brand together with other Sberbank products for retail investors.

Natalya Alymova, Senior Vice President and Head of Wealth Management, Sberbank:

“We see that our customers are very interested in rental funds. Over the past year, the net asset value of closed-end mutual funds managed by Sber Asset Management increased by 70% and now amounts to about RUB 37 bln. We expect that within a few years the assets under the management of the new company will reach RUB 1.5 tln. The market environment and the competence of the new management company’s team position us to achieve such an ambitious goal.”

Ekaterina Chernykh, CEO, Sber Real Estate Funds:

“The year 2020 has become a marker for the real estate market, showing that high-quality commercial real estate will stay required even amid the most challenging conditions. At the same time, the real estate pieces that were created to meet temporary demand don’t stand the test of competition and time. This year's events have highlighted the need for a qualified and comprehensive examination of commercial real estate, making an in-depth analysis of the facilities vital for investors.”

In 2021, current closed-end mutual funds will hold shareholder meetings to transfer shareholders under the management of Sber Real Estate Funds.