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Fidelity closes Emerging EMEA fund to new investors after Russia plunge -Breaking

by Mike Robinson

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© Reuters. Sign identifying Fidelity Investments Boston office, Massachusetts. U.S. September 21 2016. REUTERS/Brian Snyder

LONDON, (Reuters) – Fidelity International announced Monday that it will temporarily shut down its Emerging Europe and Middle East and Africa Fund for new investors following Russia’s invasion. This was in response to the plunge in Russian assets.

Fidelity released a statement following the Citywire report that “the war in Ukraine” had affected market trading and liquidity conditions of Russian securities in certain portfolios.

Fidelity International, after examining all options to safeguard the interests of shareholders has made the decision to temporarily shut down the Fidelity Emerging Africa Middle East and Africa Fund (OEIC). New subscriptions and switches in will be permitted.

The total value of this fund, which is approximately $92 million, is just under 70million pounds.

Fidelity stated that existing investors will still have the option to exit the fund and would announce if the fund could be opened to new investors.

Earlier this month, Fidelity had said that it would not invest https://reut.rs/3Nqddit in Russia and Belarus “for the foreseeable future” and was looking at ways to cut its existing exposure.

($1 = 0.7634 pounds)

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