Aegon, OTP Fund Managers Segregate Illiquid Russian Assets

Banking

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The fund managers of Aegon and OTP are segregating illiquid assets in their Russian equities funds, the National Bank of Hungary (MNB) said on Friday, according to a report by state news wire MTI.

The fund managers suspended their Russian shares funds after the start of the war for 30 days, as permitted by law, and were allowed one-year extensions by the central bank and financial market regulator.  With the end of those extensions approaching late in March, the fund managers informed MNB they will segregate the illiquid from the liquid assets in the funds.

The illiquid assets will be designated as such and clients will not be charged any fee for those investment fund units on their accounts.

MNB noted that 30%-40% of assets in Aegon's and OTP's Russian equities funds are liquid and have a value of "a few hundred million forints".

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