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MC Securities Limited of London is in the process of opening a $50 million investment fund targeting 30 publicly traded Russian stocks.
The MC Russian Market Fund will be a closed-end investment fund offering shares for $10, with a minimum subscription of 5,000 shares. Management fees will run 1.25 percent of annual net asset value, with a placement fee of 4 percent of subscriptions, according to promotional material distributed by the company.
The fund's portfolio will include 30 securities listed on The Moscow Times index of 50 publicly traded stocks. United City Bank, which is partly owned by MC Securities, will act as adviser and Credit Suisse of Luxembourg will serve as custodian.
An official with MC Securities declined to comment on the fund pending final approval from the Bank of Luxembourg. The stock is expected to trade on the Luxembourg Stock Exchange.
MC Securities Plans Investment Fund
05 October 1995
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