41 Luxembourg-domiciled funds suspended due to Russia exposure

61 funds have over 10%

Kathleen Gallagher
clock • 1 min read

41 Luxembourg-domiciled funds are suspended due to their Russia exposure, Claude Marx, director general of the Commission de Surveillance du Secteur Financier said at the ALFI European Asset Management Conference.

Marx, who was speaking virtually at the association of Luxembourg fund industry event on 22 March, noted there were 61 funds that had over 10% exposure to Russia. The CSSF later clarified the 41 funds includes subfunds, SICAVs and other types of funds "including notably fund set up in a contractual form". Last week (16 March) the CSSF, Luxembourg's markets watchdog, confirmed it was considering the use of side pockets, which would segregate Russian and Belarusian assets that are suspended due to sanctions. FCA exploring side pocket route for Russia-exposed funds At the confe...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot