The Russian connections of JP Morgan are under scrutiny as it faces calls to shut down one of its key funds. The JP Morgan Russian Securities investment trust still has assets in some of the largest Kremlin-backed firms including Gazprom, Sberbank and Rosneft. Scrutiny: The JP Morgan Russian Securities investment trust still has assets in some of the largest Kremlin-backed firms including Gazprom, Sberbank and RosneftTwo months ago the fund's shareholders risked criticism by voting for the trust to continue operating for another five years. The board, headed by lead manager Oleg Biryulyov, has since shifted its main holdings away from state-owned Russian firms to companies in Kazakhstan. The fund's five largest investments – in Gazprom, Sberbank, Lukoil, Norilsk Nickel and Rosneft – have now been cut to no more than 1.1 per cent each.

Source: Daily Mail May 15, 2022 09:07 UTC