41 Luxembourg-domiciled funds suspended due to Russia exposure

61 funds have over 10%

41 Luxembourg-domiciled funds are suspended due to their Russia exposure, Claude Marx, director general of the Commission de Surveillance du Secteur Financier said at the ALFI European Asset Management Conference.

Marx, who was speaking virtually at the association of Luxembourg fund industry event on 22 March, noted there were 61 funds that had over 10% exposure to Russia. The CSSF later clarified the 41 funds includes subfunds, SICAVs and other types of funds "including notably fund set up in a contractual form". Last week (16 March) the CSSF, Luxembourg's markets watchdog, confirmed it was considering the use of side pockets, which would segregate Russian and Belarusian assets that are suspended due to sanctions. FCA exploring side pocket route for Russia-exposed funds At the confe...