Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Gazprom shuts open-ended bond fund

Gazprom shuts open-ended bond fund

GPB Asset Management, a subsidiary of Gazprombank, has announced that it will close its fixed income fund.

The Russian Fixed Income fund is an open-ended investment company incorporated in Ireland through GPB’s umbrella Omega Trust.

GPB has told investors that it will compulsorily redeem their holdings in the Russian Fixed Income fund on 22 April and will sell the portfolio’s non-cash assets – which include bonds issued by VTB Bank and Gazprom itself – ‘in an orderly fashion’.

Expenses arising from the liquidation will be borne by the fund.

The fund has returned 10.3% over the past three years compared with its benchmark’s 19.5%, and 1.8% on a one-year view versus the benchmark’s loss of 0.2%.

In the fund’s most recent update, GPB said: ‘Global markets will closely watch the situation in Ukraine during March. The possibility of a military conflict there has already pushed the yields of Russian eurobonds much higher. It creates buying opportunities in the most undervalued Eurobonds of the issuers with solid credit profiles.’

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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter