RUSSIA – Finnish investment group FIM says it plans to start a Russian asset management and mutual fund group.

“In line with its plans, FIM Group Corp. has decided to establish a subsidiary engaging in asset management and mutual fund operations in Russia,” FIM said in a statement – adding that it would control the approximately €1m share capital of the new operation.

It said: “The company shall engage in asset management and management and marketing of mutual funds registered in Russia.”

But the management of the company has not yet been appointed.

“Measures to establish the company shall be taken immediately and operating licenses required under Russian legislation shall be applied for once the company has been judicially established,” FIM said. “The company expects to receive the licenses during 2006.”

FIM was set up in 1987 and offers asset management, brokerage and investment banking.


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