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ZAO Citibank and VTB Capital Asset Management Announce Partnership

Tags: portfolio management

Jun 29, 2012
ZAO Citibank and VTB Capital Asset Management have signed an agency agreement related to the issuance, redemption, and exchange of mutual fund units. The agreement offers Citibank customers in Russia a choice in 14 open-end mutual funds managed by VTB Capital Asset Management.

There are 49 registered retail branches which allow customers to carry out mutual fund unit transactions. Local offices are located in Moscow, St. Petersburg, Samara, Yekaterinburg, Rostov-on-Don, Nizhny Novgorod, Volgograd, and Ufa.
The distribution agency agreement was signed with ZAO Citibank as part of an expansion project to develop the VTB Capital Asset Management retail network. The total number of outlets has reached 697 in over 50 cities throughout Russia.

Citibank customers will be offered the following line of open-end mutual funds.

Stocks: VTB - Equity Fund; VTB - Promising Investments Fund; VTB – Gas & Oil Sector Fund; VTB - Metallurgical Fund; VTB - Power Energy; VTB - Telecommunications Fund; VTB - Shares of Companies with Government Participation; VTB - Consumer Sector Fund; VTB - Financial Sector Fund; VTB – BRIC Fund; Index: VTB - MICEX Index Fund; Bonds: VTB - Treasury Fund; VTB - Bonds Fund+; Hybrid: VTB - Balanced Fund.

For new fund unit holders, the minimum investment is 50,000 rubles, with a minimum of 5,000 rubles thereinafter.
Purchase Fee: 1.5% (including VAT) for investments of up to 1 million rubles; 1.25% (including VAT) from 1,000,000 rubles inclusive and up to 5,000,000 rubles; 1.0% for 5,000,000 rubles inclusive and above.
Redemption fee through ZAO Citibank: 3% (including VAT).

Sergey Korotkov, Citibank Russia Retail Banking Business Head, said: "We continue to work on expanding and diversifying the range of investment products offered to our clients in the Russian market. VTB Capital Asset Management is one of the largest and most successful management companies in Russia, and we are confident that this new partnership will allow our customers to more effectively manage their investments."

Vladimir Potapov, Global Head of Portfolio Management Business at VTB Capital Asset Management, said: "We are proud to be partners with Citibank, one of the largest banks in the world. Our company and our funds have gone through a very rigorous selection process in order to satisfy Citibank’s high requirements for asset management quality, risk management, and operational business processes. We will continue to do everything possible in order to maintain high quality levels of fund management. We look forward to successful, long-term, and mutually beneficial cooperation."

You can read about all the changes in the distribution agency network in the official report on the VTB Capital Asset Management website.

If you have questions, you can contact VTB Capital Asset Management at 8 (800) 700-44-04 (toll-free within Russia).

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