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News
February 27, 2009
The Heads of the Federal Financial Markets Service (FFMS) and the country’s leading asset management companies are formulating a series of anti-crisis measures aimed at supporting and developing the collective investments market
Anatoly Rabinovich, Managing Director, METROPOL Asset
Management, took part in an orientation meeting attended by the
heads of the Federal Financial Markets Service (FFMS) and the
country’s leading asset management (AM) companies. The meeting
opened its doors in Moscow on February 26, 2009.
This marked the first such discussion of problems facing asset
management companies amid the ongoing economic crisis. In
particular, the meeting included discussions of the complaints
filed by the non-state pension funds (NPF) against the AM
companies, whose management of NPF assets has results in
significant losses. The meeting also focused on the creation
of a special fund for defaulted bonds, the option of revaluing NPF
assets, the legal claims filed by the NPF against the AM companies,
potential AM company bankruptcies, issues concerning AM companies’
and special depositories’ service fee payments, AM companies’ fair
and responsible treatment of clients, and other issues.
A preliminary agreement was reached to hold a meeting in early
March 2009 between the heads of the FFMS, the National League of
Management Companies and the AM companies, as well as the National
Association of Non-State Pension Funds and other private pension
funds, dedicated to settling the differences that have emerged
between the NPF and the AM companies.
The February 26 meeting was attended by FFMS Head Vladimir
Milovidov, FFMS Deputy Head Sergei Kharlamov, the Head of the FFMS
collective investments regulation and control department Alexander
Beskrovny, the Deputy Director of the Ministry of Economic
Development and Trade’s corporate governance department Rostislav
Kokorev, the Deputy Head of the Ministry of Finance’s financial
policy department Andrei Vorontsov, and Federation Council member
Andrei Artyukhov.
The asset management companies were represented by National League
of Management Companies President Dmitry Alexandrov, VTB Asset
Management General Director Natalia Plugar, Alfa Capital Asset
Management General Director Mikhail Khabarov, METROPOL Asset
Management Managing Director Anatoly Rabinovich, Portfolio
Investments Asset Management General Director Gleb Grunin,
Ingosstrakh Investments Asset Management General Director Natalia
Korabelnikova, Alfa Capital Asset Management Chief Managing
Director Anatoly Milyukov, Troika Dialogue Asset Management
President Pavel Teplukhin, Leader Asset Management General Director
Anatoly Gavrilenko, the Bank of Moscow’s Pension Reserve Asset
Management General Director Yelena Kasyanova, and others.
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