Gazprombank AM launches two UCITS funds focused on Russia
Gazprombank Asset Management has launched two new UCITS funds – The GPB Russia Equities Fund and The GPB Russia Fixed Income Fund.
Both of the new funds are domiciled in Luxembourg and managed by GPB Asset Management SA.
The GPB Russia Equities Fund strategy is to invest in the non-commodity sectors of Russia and CIS, with a focus on undervalued and liquid equity securities. The fund's benchmark is the MSCI Russia 10/40 Net TR USD.
The GPB Russia Fixed Income Fund invests in sovereign and corporate fixed income instruments denominated in USD, RUB and other currencies. The fund’s benchmark is the Euro-Cbonds IG 3Y.
These funds follow on from the launch of the GPB Emerging Europe Equities Fund in January 2014.
The funds were launched with a combined initial investment of USD45m.
Aylin Suntay, CEO of Gazprombank Asset Management, says: "Despite the current situation in the economy, these funds were launched with a healthy level of interest. We have further commitments of an additional USD45m to be invested during Q2 2014. With the significant valuation discount in the Russian market, we believe that now is the right time to launch new products and we are confident that they will both prove to be successful investments.”
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