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© RIA Novosti. Mihail Kutusov

US asset management giant pulls $100M from Russia

by RIA Novosti at 22/11/2013 16:54

US asset management giant BlackRock pulled more than $100 million from its Russian investments over a seven-day period beginning last week, the Prime news agency reported Friday.

The amount is about a third of the investment that BlackRock, the world’s largest money manager, has in Russia, Prime said, citing figures from Emerging Portfolio Fund Research.

Money has been flowing out of Russia in recent weeks.

Between November 13 and November 20, investment funds withdrew $130 million from the country, and during the seven days prior to that $225 million was pulled, Prime reported.

Emerging markets have been hit by heavy selling this year as foreign investors withdraw funds in anticipation of the United States ending its money printing program known as quantitative easing.

“Russia remains among the worst performers [among emerging markets],” analysts at Russian investment bank Sberbank CIB said in a research note Friday.

High levels of capital outflow are seen as a sign of Russia’s poor investment climate. The central bank said last month that $48.1 billion left the country in the first three quarters of 2013.

 

 

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