“Kommersant”: Russian management companies began to create special mutual funds for civil servants which can be used by civil servants in order not to fall under the restrictions for them. Kommersant writes about this with reference to examples of such funds.
The Law “On the State Civil Service of the Russian Federation” prohibits officials from having accounts in foreign banks located outside the country, as well as using foreign financial instruments.
PIFs are designed in such a way that even a civil servant who has invested in a Russian organization can de – to actually be the owner of foreign assets. Especially for such cases, investment companies offer to invest in a fund consisting exclusively of stocks and bonds of Russian companies.
Two new mutual funds with such conditions began to form at the beginning of the week at VTB Capital Asset Management. “Sberbank Asset Management” intends to send to the Central Bank the rules for the open-ended mutual fund “Local”, intended for civil servants. Ingosstrakh-Investments management company also intends to follow this path, but next year.
Previously, investment funds did not pay attention to this category of investors, but now it has begun to be of interest to market participants. Rosstat employs over 850,000 civil servants throughout the country. And if we take into account their family members, then we are talking about several million potential clients.
Director of the Asset Management Department of Ingosstrakh-Investments Management Company Artem Mayorov noted that the existing funds focused on the Russian market are not able to satisfy demand. Indeed, many domestic companies are traded in Russia, for example, Ozon, Mail.ru, Yandex, which in reality are foreign companies. This problem was solved through trust management, but the service itself is available to customers whose fortune exceeded a million dollars.