Russia’s Gazprom launches two Ucits funds

MoscowMoscow-based Gazprombank Asset Management has launched two Ucits funds, one investing in the non-commodities sector of the region and one investing in fixed income. The GPB Russia Equities Fund invests in the non-commodity sectors of Russia and its Commonwealth of Independent States and targets undervalued and liquid equities. The GPB Russia Fixed Income Fund invests in sovereign and corporate fixed income instruments denominated in dollars, rouble and other currencies. Both funds were launched with a combined initial investment of $45 million (€32.8 million) and are domiciled in Luxembourg. Aylin Suntay, chief executive officer of Gazprombank Asset Management, says there are further commitments of an additional $45 million to be invested during the second quarter of this year. "Despite the current situation in the economy, these funds were launched with a healthy level of interest,” he says. The two fund launches follow the launch of the GPB Emerging Europe Equities Fund in January. Suntay adds: “With the significant valuation discount in the Russian market, we believe that now is the right time to launch new products and we are confident that they will both prove to be successful investments.” ©2014 funds europe

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