|By PR Newswire||
|April 7, 2014 02:02 AM EDT||
MOSCOW, April 7, 2014 /PRNewswire/ --
Gazprombank, a leading Russian bank, announces that Gazprombank Asset Management has launched 2 new UCITS funds. The GPB Russia Equities Fund and The GPB Russia Fixed Income Fund are domiciled in Luxembourg and are managed by GPB Asset Management S.A.
The GPB Russia Equities Fund strategy is to invest in the fast growing 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 add to the portfolio of GPB Asset Management, and follow on from the successful launch of the GPB Emerging Europe Equities Fund in January 2014. The funds were launched with a combined initial investment of USD 45m.
Commenting on the launch, Aylin Suntay, CEO of Gazprombank Asset Management, said, "Despite the current situation in the economy, these Funds were launched with a healthy level of interest. We have further commitments of an additional USD 45m 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."
Gazprombank has successfully operated in the banking sector since 1990. Founded by the world's largest gas producer and exporter, Gazprom, to provide banking services for gas industry enterprises, Gazprombank has since become a leader in the banking sector, which key performance indicators place the Bank among the top three banks of Russia.
Gazprombank, as a universal financial institution, delivers a wide range of banking and investment services for over 45,000 corporate and about 3 million private clients.
About Gazprombank Asset Management
One of the largest Russian asset management businesses, Gazprombank Asset Management group offers a wide range of asset management services to institutional and private investors, both domestic and international. It includes ZAO Gazprombank - Asset Management (Russia), GPB Asset Management S.A. (Luxembourg) and GPB SICAV S.A. (Luxembourg).