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.

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 Rathbones' Smith on China's economic hegemony ambitions

Rathbones' Smith on China's economic hegemony ambitions

Discussing China's saving problem, Ed Smith argues that if the country opens up there will be an outflow of capital.

Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Read More
Wealth Manager on Twitter