United Capital PLC (UK) to become a major shareholder of Pension Assurance
London, August 28, 2013
– A UK company United Capital PLC has signed a definitive
agreement with Vienna Insurance Group to acquire 92,58% of the largest Bulgarian pension
fund, Doverie. The funding of the transaction – as required by regulatory authorities in
Bulgaria and England – wil be provided by United Capital’s shareholders.
United Capital is fully aware of its responsibility towards the Bulgarian people and Doverie's
clients, and is committed to the prudent and effective management of Doverie in accordance
with principles of social responsibility and in compliance with the laws of Bulgaria and the
European Union. United Capital will soon present its long-term strategy for the development
of Doverie to the Bulgarian regulatory authorities, which will provide complete transparency
“Business continuity is fundamental,” said Sergey Mastiugin, United Capital’s major
shareholder. United Capital will follow the same principles of ethical social-oriented business
that it applies to all of its businesses and that we are confident are currently in place at
Doverie. “When acquiring a new asset, one of the key success factors is to keep the existing
team in place, those who know the business from the inside, and reinforce it with the
innovative skills and expertise of the cadres of the group's other companies to bring the new
Mr. Mastiugin has recently acquired Lighthouse Capital, an experienced and successful
asset manager for pension funds and the insurance industry from one of the leading
insurance groups in Central and Eastern Europe. “Keeping the people and augmenting the
team – is exactly what we did at Lighthouse Capital," he said. Lighhouse Capital will become
a shareholder of United Capital prior to the closing of the transaction with VIG.
Mr. Magomed Alikhanov, an internationally known professional with a superb track record in
insurance and pension asset management, has joined the Lighthouse team following his
several years tenure with Zurich Financial Services and Renova Group. Mr. Alikhanov will
spearhead United Capital’s investment in Doverie and will oversee the integration of Lighthouse’s professionals with Doverie’s present management.
To ensure the consistency of Doverie’s operations, Daniela Petkova wil remain the company's CEO. United Capital greatly appreciates Ms. Petkova’s strong leadership and
managerial skills as well as her personal contribution to Doverie’s evolution over the past 12
years. Partnership with the existing team wil be an integral part of Doverie’s ongoing strategy, as well as adding “new blood” to increase efficiency and boost returns.
About United Capital
United Capital PLC was founded in the UK with the goal of managing assets and investments in
Russia and Eastern Europe. The three pil ars of United Capital’s business are insurance, pension
funds management and commercial banking. Its aim is to offer its clients across the region a wide
range of profitable and secure banking, insurance and pension management products and services.
Sergey Mastiugin is a majority shareholder of United Capital. United Capital is currently negotiating
with several European and US investors with a view of broadening its shareholder base and to
deliver greater synergies to the acquisition. Its new shareholders will be announced prior to filing for
authorization with the Bulgarian regulators.
About Sergey Mastiugin
Sergey Mastiugin is a Russian entrepreneur and a majority shareholder of United Capital PLC (UK).
He also is a majority stakeholder of Asia Trade Management LTD (Hong Kong), a controlling
shareholder and member of Supervisory board of JSCB INVESTBANK Open-end JSC (Russia),
INVESTBANK's assets are over $ 1,5 bln, owner of Investment Finance House “Postum” (Russia).
Professional interests of Mr. Mastiugin are diverse and include construction, IT companies, real estate
holdings, investment and financial consultancy in Russia, Europe and USA.
Recent investments also include industrial assets (opencast wood coal and hard coal mines in
Eastern Russia) and logistics. The largest logistics center in Eastern Russia is now under
construction, significant investment has been made in the development of a logistics terminal in
Svilengrad (Bulgaria), an acquisition of a logistics terminal is being negotiated in Hungary.
Over the last years Mr. Mastiugin has significantly broadened his business frontiers by investing in
several companies in Slovakia, Austria and Bulgaria.
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