Update from New Ireland: Our Fund Partners’ exposure to Russian assets

Over the last few weeks, everybody at New Ireland has been following the news from Ukraine with heavy hearts. Our thoughts are with the people of Ukraine and we all desperately hope for peace.

As events have unfolded, our focus has been on delivering Market Updates to the Broker community so that you in turn can keep your clients informed on the financial implications of the Russian invasion of Ukraine.

As you will be aware, New Ireland operates an independent investment management model, whereby we appoint best in class third party investment managers to manage money on our behalf. With this comes a responsibility of governance and oversight and we have been active in identifying the underlying exposures to Russian assets.

Overall, New Ireland has assets under management (AUM) of circa €21bn with the total exposure to Russian assets being €21m or 0.1% of AUM. We are pleased for many reasons that this figure is so low, with the exposure primarily through indices.

Our investment managers have advised that index providers such as the MSCI and FTSE are removing exposure to Russian securities, which will result in positions in Russian securities being exited in line with applicable sanctions and mandates. Our investment partners will reinvest the proceeds in accordance with the mandate of the relevant fund.

We will continue to keep you informed of our fund manager positions and deliver to you insightful content about the key themes that could drive investment markets in the months ahead.

Should you have any questions on our fund partners’ exposure to Russian assets please contact your New Ireland Account Manager.