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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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"METROPOL" Investment Financial Company Ltd.
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