The Russian crisis is providing fund managers with another test of their liquidity limits. With Moscow’s bourse frozen, firms including JPMorgan and Amundi have suspended redemptions from funds worth more than $4 billion. It’s another reminder of the fragility of asset managers’ promise that customers can withdraw cash whenever they want.
- Asset managers including Amundi, HSBC, BNP Paribas and Switzerland’s Pictet on March 1 said they had suspended dealings in funds containing Russian equities. Ratings agency Fitch has identified 11 Russia-focused funds which have been suspended, with total assets under management of 4.4 billion euros at the end of January.
- JPMorgan Asset Management suspended its Russia Equity Fund and Emerging Europe Equity Fund with immediate effect, the company said in a to its investors on Feb. 28. This prevents investors from redeeming, switching or buying shares in the funds.it was seeking feedback from market participants on how to treat Russian equities in its indexes. MSCI said one option was to reclassify the MSCI Russia Indexes as so-called standalone markets, removing them from the company’s Emerging Markets benchmarks.
- MSCI’s head of index research Dimitris Melas said in an interview with Reuters that Russia’s stock market is “uninvestable” after stringent new Western sanctions and central bank curbs on trading, making a removal of Russian listings from indexes a “natural next step”.Register now for FREE unlimited access to Reuters.comReuters Breakingviews is the world's leading source of agenda-setting financial insight.
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