May 4, 2018 / 1:39 PM / a year ago

UPDATE 1-Russian pensions manager Budushchee posts $249 mln loss for 2017

(Adds Budushchee comment)

MOSCOW, May 4 (Reuters) - Financial Group Budushchee , which controls one of Russia’s largest private pension fund groups, posted a net loss of 15.8 billion roubles ($249.2 million) last year, it said on Friday.

FG Budushchee, which manages pension funds worth a total of 335 billion roubles covering 5.2 million people, made a net profit of 6.3 billion roubles in 2016.

Budushchee, which is Russian for “future”, was a shareholder in Otkritie and Promsvyazbank - two large private banks bailed out by the central bank last year. It is controlled by the family of businessman Boris Mints.

In reply to a Reuters request, Budushchee said that its results were affected by a write-off of around 12 billion roubles following the Otkritie bailout, as well as by a fall last year in the value of shares in VTB bank that it holds in its portfolio.

Budushchee also said that given that the financial assets its holds are being re-evaluated on a regular basis, it may show a positive re-evaluation if market conditions improve in the future.

$1 = 63.3930 roubles Reporting by Katya Golubkova; Editing by Mark Potter and Adrian Croft

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