OREANDA-NEWS. July 12, 2012. Citibank and VTB Capital Asset Management announce the signing of an agreement on the issue, redemption and exchange of mutual fund units of 14 open mutual investment funds managed by VTB Capital Asset Management for Citibank clients in Russia, reported the press-centre of Citibank.   

Under this agreement, 49 new points of sale (POS) where mutual fund operations can be transacted have been registered. The POS are located in Moscow, St. Petersburg, Samara, Yekaterinburg, Rostov-on-Don, Nizhniy Novgorod, Volgograd and Ufa.

The agent agreement with Citibank has been concluded as part of VTB Capital Asset Management’s program to develop its retail business. The total number of POS has now reached 697 in more than 50 cities of Russia.

At the new POS, Citibank clients will be offered the following mutual funds: VTB – Equity Fund , VTB – Balanced Fund , VTB – Treasury Fund , VTB – Bond Plus Fund3, VTB – Promising Investments Fund1, VTB – Oil & Gas Fund1, VTB – Metallurgy Fund1, VTB – Electric Energy Fund1, VTB – Telecommunications Fund1, VTB – State-Affiliated Enterprises Fund1, VTB – Consumer Sector Fund1, VTB – Financial Sector Fund1, VTB – BRIC Fund1, and VTB – MICEX Index Fund.

The minimum investment amount is 50,000 for first time buyers and then 5000 rubles for subsequent investments by owners of mutual investment fund units.

The surcharge for acquiring mutual investment fund units is 1.5% (inclusive of VAT) when investing up to 1 million rubles, 1.25% (inclusive of VAT) when investing from 1 million to 5 million rubles, and 1% when investing 5 million rubles or more.

The discount upon redemption is 3% (inclusive of VAT) when redeeming the mutual investment fund units via Citibank.

Sergey Korotkov, Retail Banking Business Head for Citibank in Russia, said: “We continue our efforts to expand and diversify our portfolio of investment products offered to our clients on the Russian market. VTB Capital Asset Management is one of the largest and most successful asset management companies in Russia, and we are convinced that this new partnership will allow our clients to more effectively manage their investments.”

Vladimir Potapov, Head of the Portfolio Management Business at VTB Capital Asset Management, said: “We are proud to become a partner of Citibank, one of the largest banks in the world. Our company and funds have undergone a serious selection procedure and have met the very high requirements of Citibank in terms of quality of administration, risk management and business operating processes. We will do everything to maintain this high level of service and quality fund management. We hope for fruitful, enduring and mutually beneficial cooperation.”

Information about all changes in the agency network of VTB Capital Asset Management can be found on the infromation disclosure page of VTB Capital Asset Management’s corporate website.

A map of POS where VTB Capital Asset Management’s mutual fund units can be acquired, exchanged and redeemed can be found here. Should any questions arise, please contact the call center of VTB Capital Asset Management at +7 800 700-44-04 (toll free in Russia).

1 open end equity mutual fund

2 open end mixed mutual fund

3 open end bond mutual fund

4 open end index mutual fund