Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Financials fund rues Russia ‘abuse’

Financials fund rues Russia ‘abuse’

The managers of the highly performing Blue Planet International Financials investment trust have strongly criticised corporate governance in Russia after a run-in with Rosneft.

The fund held preference shares in TNK-BP Holdings, which Rosneft offered to buy for RUB55 (96p) each. Blue Planet managers David Mallia and Kenneth Christopher Murray claimed that such a price ‘seriously undervalues’ the shares.

‘However, given the lack of investor protection that exists in Russia we were left with no option but to accept Rosneft’s offer,’ they stated.

‘This is yet another example of minority shareholder abuse in Russia. The treatment of TNK-BP minority shareholders by Rosneft has done extraordinary damage to Russia’s and Rosneft’s reputation within the investor community and must surely be the final nail in the coffin so far as foreign investment in the country is concerned.’

Despite the setback Blue Planet International Financials has been a star performer over the past year, topping its AIC Global Equity Income sector with a share-price return of 38.5% and a net asset value appreciation of 22.5%.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter