Asset manager Carmignac plans to divest from Russian stocks

LONDON, March 7 (Reuters) – French asset manager Carmignac said on Monday it would not buy Russian stocks and would divest existing assets, following a string of other managers funds that have made similar announcements.

“We have decided not to buy Russian securities until further notice,” the 42 billion euro ($45.6 billion) asset manager said in a statement.

“We are committed to disposing of all Russian securities remaining in our portfolios, taking into account extra-financial aspects as well as market conditions, in order to preserve the interests of our clients, our primary objective.”

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The company’s emerging markets fund, Carmignac Portfolio EM Debt, had the world’s longest Russian debt position in January, at more than 43%, according to Morningstar data. Read more

Several fund managers such as BlackRock (BLK.N) and abrdn (ABDN.L) said they were halting purchases of Russian stocks or reducing existing holdings, although investors’ efforts to reduce their positions were complicated by a Russian ban on local brokers. to sell securities held by foreigners. Read more

More than $3 billion in unlisted funds with exposure to Russia were suspended last week, while several exchange-traded funds (ETFs) were also frozen. Read more

($1 = 0.9206 euros)

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Reporting by Carolyn Cohn; Editing by Saikat Chatterjee and Edmund Blair

Our standards: The Thomson Reuters Trust Principles.

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