Deutsche’s Unit Says Its Mutual Funds Won’t Make New Investments in Russia
(Bloomberg) -- Deutsche Bank AG's asset management unit said its actively-managed mutual funds will no longer make new investments in Russian securities, joining other money managers that have restricted activities in the nation.
The company also will suspend the subscription of new shares in mutual funds with “significant Russian exposure” and that it will manage existing Russian holdings in line with those funds' investing policies, DWS Group said in a statement Tuesday.
“This war of aggression has not only undermined trust between the Russian government and the Western world, but will also permanently change Europe's security architecture, energy policy, and create significant volatility,” it said.
Pictet Asset Management, Abrdn Plc and Amundi SA also have told investors they have suspended activities or restricted them from accessing funds invested in Russian securities amid fallout from the invasion of Ukraine.
©2022 Bloomberg L.P.
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