JP Morgan Fleming is to launch a UK-listed Russian investment trust that will be brokered by UBS War...
JP Morgan Fleming is to launch a UK-listed Russian investment trust that will be brokered by UBS Warburg.
The JPMF Russian Securities trust will be the rollover vehicle for Fleming Russia, which announced it was to reconstruct last Friday. It will be managed with a similar mandate by lead manager Oleg Biryulyov and Mark Robinson.
The trust is at present based offshore and is Jersey registered, listed as an Irish stock. It will now be London listed and traded in sterling as opposed to dollars, making it more appealing to UK retail investors.
There will be an offer for subscription until mid-December, with new shares available at 100p per share.
Rolling over into the new trust is one of three options for investors in Fleming Russia, the others being a cash exit and/or a stock in specie transfer, with investors receiving the underlying stock of what they own in return for their shares in the trust.
No further details are yet available regarding costs and accompanying discount levels associated with the cash and in specie options.
Fleming Russia has assets of around $173m and, over one year to 4 November, its net asset value was up 41.25%, compared with its benchmark, the CSFB ROS Index, which was up 33.3%. Since launch, the fund's NAV has grown by 108.3%.
This is the only opened-ended trust to invest exclusively in Russia.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation