At its meeting on 17 June 2022, OP Fund Management Company Ltd’s Board of Directors decided to close down OP-Russia. The fund’s trading, subscriptions and redemptions have been suspended since 28 February.
Russia’s attack on Ukraine is the reason for the closure. The war and the sanctions it has caused prevent trading in Russian stocks. In addition, the situation jeopardises a reliable fund valuation and equal redemption of fund units.
Since the fund cannot in practice continue its operations, we have come to the conclusion that closing down the fund is the best choice.
What will happen to the fund’s assets?
The fund’s closure will not require any action on the part of unitholders. In addition to the stocks of Russian companies in the fund, the fund has assets that already are in cash or that can be converted into money. We will first make payments from these assets to the unitholders.
It may take a long time to realise the rest of the assets because we cannot sell Russian stocks at the moment. Nor can we assess the value of stocks at the time of sale. We will realise the rest as soon as we can trade in the stocks of Russian companies and repatriate the assets to Finland.
When we have realised and paid the fund’s assets to unitholders, we will make a final settlement of account for the closure and publish it on the Rahastot (Funds) page. You can also find information on the progress of the process in the same place.