“Personally, I feel offended,” says UFG Asset Management CEO Boris Fyodorov.
Photo: Yury Martyanov
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Russian Authorities Gives Red Light to Asset Management Firm
Russian officials suspended payments from all unit investment funds of Invest, a management company of UFG Asset Management Group. The company risks substantial losses if it fails to settle the issue within the next few weeks.
The decision was taken to protect “interests of sharers”, according to Oleg Vyugin, head of the Federal Service for Financial Markets. The agency says the payments were halted in response to violations of law and license agreements.
The measures are unparalleled for the Russian market of collective investments. Market participants sound surprise and cite the company’s ten-year experience of excellent record. “I personally feel offended,” UFG Asset Management CEO Boris Fyodorov told Kommersant.
Invest is one Russia’s oldest and biggest management company, ranked 19th in Kommersant Dengi's rating for 2006 in terms of the funds in management.
Invest is given two months to amend the violations. The company, meanwhile, considers the news as a result misunderstanding. The Financial Markets Service audited the company some two months, promising to send an official document with guidelines to make up for minor problems. UFG Asset Management says it hopes to clear up the situation within the next two days.
www.kommersant.com
All the Article in Russian as of Apr. 25, 2007
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