UFG Asset Management, an offshoot of one of Moscow's biggest finance houses, has launched a new hedge fund to invest in local and foreign-listen Russian stock.

"The Russia Select fund has been launched with $15 million raised from investors associated with UFG," company management said ina statement.

The fund is co-managed by Florian Fenner and Ari Krel.

"What differentiates our fund from most other Russian funds is the ability to go for more aggressive returns via the use of short sales and leverage," Krel said. "We believe this is a highly appropriate strategy for a market which throws up as much volatility and opportunity as Russia."


The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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