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Hedge Funds Stuck with Roman Abramovich’s Funds with No Way out

Cayman rules allow managing sanctioned Russian funds without collecting fees. Concord invested Abramovich funds in PE firms and hedge funds.

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Hedge Funds Stuck with Roman Abramovich’s Funds with No Way out

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  1. Hedge Funds Stuck with Roman Abramovich’s Funds with No Way out By Josie Patra March 30, 2022 Article Overview   More on the stuck fund Further Reading Concord Management’s promise of checks worth $100 million saw more than 100 private equity firms and hedge funds jump at the offer. Most of the $6 billion funds owned by Concord belong to Roman Abramovich, who was earlier sanctioned by the U.K and European Union for being close to Russian President Putin.

  2. More on the stuck fund As per Bloomberg News, these firms are stuck as their clients ask questions, and they can neither get rid of the tainted funds nor collect fees on it either. Many funds with Abramovich’s money have offshore entities. Cayman Island laws cannot redeem Abramovich’s stake, sell his shares to another investor or accept new funds from him. The firms can only manage the funds, and if they own money to the Oligarch after the sale of an asset, they have to go to a blocked account. The firms can charge fees but cannot collect them.

  3. You can read the full content: https://businessupside.com/2022/03/30/hedge-funds-stuck-with-roman- abramovichs-funds-with-no-way-out/ •••••••••••••••••••••••••• Business Upside Email ID: support@businessupside.com Phone No.: +1-425-605-0775 Visit Us: https://www.businessupside.com/ Stay Connected Via: https://www.facebook.com/businessupside https://www.youtube.com/channel/UCuSkeS5oU- B2tRIBDYntmaw https://twitter.com/BusinessUpside1

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