Asset managers meet UK Finance Minister To Discuss Russian Divestment

Britain’s finance ministry has met with asset managers to look at how the sector could offload holdings in Russian companies which face sanctions, the Investment Association said on Tuesday.

“We participated in the Chancellor’s roundtable last Friday with asset managers on issues associated with divestment from Russian assets,” said a spokeswoman for the IA, which represents the asset management sector.

The roundtable was held by Britain’s finance minister Rishi Sunak, financial services minister John Glen, with the Financial Conduct Authority also attending, the IA said.

The meeting was first reported by Sky News on Tuesday.

Sky said that one industry executive said the issue of side-pockets, or separate vehicles into which Russian holdings would be transferred and held until sufficient liquidity returned to enable them to be sold, was also brought up during the talks.

(Reporting by Huw Jones, editing by Sinead Cruise, Kirsten Donovan)