Russia-exposed funds with €3.8bn in combined assets have been frozen in Europe, preventing investors from heading for the exits as they grapple with unprecedented western sanctions imposed on Moscow after its invasion of Ukraine.
At least 18 asset managers including JPMorgan, BNP Paribas, UBS, Liontrust, Danske Bank, East Capital and Pictet have suspended funds since the invasion, meaning investors are now stuck with no indication of when they might be able to withdraw their money from these vehicles, data from Fitch show.
More suspensions are expected, with assets held in Russia-focused mutual funds sold in Europe standing at €5.7bn at the end of January, according to Lipper, the data provider.
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