ING Group's holding company in Russia and non-state pension fund business, which had assets under management of £30.4million at 31 December 2008, have been acquired by Aviva plc.

The pension fund provides pensions to large multi-national corporate clients, and has 17,000 members. The holding company had £0.8million in AUM at 31 December 2008.

The acquisition places Aviva as the leading foreign-owned provider of non-state pension fund products in Russia, and represents around ten per cent of the AUM within the competitive corporate pensions market.

"This acquisition will grow our market share of the Russian non-state pension fund business significantly, taking us from a top three foreign-owned player to the leading position," said Andrea Moneta, chief executive, Aviva Europe.

"The deal provides the opportunity for us to cross-sell other life and savings products to a substantial customer base."

The Russian anti-monopoly authority has approved the acquisition, and it is expected to complete in May 2009.

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