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
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter