JP Morgan Asset Management has suspended the trading of three funds in the wake of the ongoing conflict in Ukraine.
JPMAM confirmed to International Investment's sister title Investment Week that the firm's Russia Equity Fund and Emerging Europe funds have been suspended with immediate effect.
Dealings in the funds were suspended from the valuation point at midday.
In a letter to Emerging Europe fund investors, UK funds COO Andrew Lewis said: "Due to the escalating conflict between Russia and the [sic] Ukraine, local market trading conditions are not currently operating as they normally would do and accordingly, we are unable to manage the fund in accordance with the investment objective and policy.
"We understand that being unable to deal in the fund is frustrating and we will take the decision to lift this suspension as soon as we consider it is in the best interests of existing shareholders to do so."
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In a statement, JPMAM said: "We are closely monitoring the risks and remain focused on acting in the best interests of our clients and shareholders, at all times, as part of our fiduciary duty."
The suspension will be reviewed on an "ongoing basis".
Liontrust stops Russian fund investors
Yesterday evening (28 February) Liontrust stated that investors in its Russia fund will not be able to make purchases or redemptions in the fund until further notice. The fund holds the highest proportion of its assets in Russian equities, at 97.3%, of any fund in the Investment Association universe, according to FE fundinfo.
In a statement, a spokesperson for the firm said: "We have not taken this action lightly but in this case we believe this is in the best interests of all investors given the events of the past few days and comes after discussions with the fund's depositary.
"These events include today's closure of the Moscow Stock Exchange and the temporary ban on foreign investors selling local Russian securities."
The group added it did not know how long the fund will be suspended for but said it will keep the suspension "under continual review" and will update investors as soon as it can.
In the month to 28 February, the fund had lost 62.1%, according to FE fund info.