Asset managers meet UK finance minister to debate Russian divestment

Britain’s Chancellor of the Exchequer Rishi Sunak attends a digital press convention inside 10 Downing Avenue in central London, Britain March 3, 2021. Tolga Akmen/Pool through REUTERS

LONDON, March 8 (Reuters) – Britain’s finance ministry has met with asset managers to take a look at how the sector may offload holdings in Russian firms which face sanctions, the Funding Affiliation mentioned on Tuesday.

“We participated within the Chancellor’s roundtable final Friday with asset managers on points related to divestment from Russian property,” mentioned a spokeswoman for the IA, which represents the asset administration sector.

The roundtable was held by Britain’s finance minister Rishi Sunak, monetary providers minister John Glen, with the Monetary Conduct Authority additionally attending, the IA mentioned.

The assembly was first reported by Sky Information on Tuesday.

Sky mentioned that one trade govt mentioned the difficulty of side-pockets, or separate automobiles into which Russian holdings could be transferred and held till adequate liquidity returned to allow them to be offered, was additionally introduced up throughout the talks.

Reporting by Huw Jones, enhancing by Sinead Cruise, Kirsten Donovan

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