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.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.