(Bloomberg) -- Man Group Plc doesn't have any Russian clients money and sold out of Russian and Ukrainian bonds amid Vladimir Putin's invasion of the country, the firm's Chief Executive Officer Luke Ellis said on Tuesday.
“I don't like doing business in places where you need a bodyguard,” Ellis said in a Bloomberg TV interview.
He said his investment team anticipated that there was going to be capital controls and the firm was very underweight by the time countries across the world announced sanctions against Russia.
Putin's invasion of Ukraine has sparked turbulence in the financial markets as a wave of sanctions against Russia were unveiled over the weekend. Countries across the globe moved to isolate Russia from global finance by introducing measures including preventing its central bank from using much of its foreign reserves and excluding some Russian banks from the SWIFT messaging system that facilitates trillions of dollars worth of transactions.
The world's largest publicly listed hedge fund firm released its earnings results for 2021 on Tuesday. Man Group said assets hit another high after it pulled in more cash from clients and generated performance gains.
Read more: Man Group Assets Hit a New High as Clients Add $13.7 Billion
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