VTB Group is currently negotiating potential acquisition of a controlling stake in TransKreditBank (TKB). In relation to the proposed transaction, VTB Capital and BNP Paribas IP have entered into discussions regarding possible future cooperation in asset management. These discussions have no impact on the day-to-day operations of TKB BNP Paribas Investment Partners, which continues to conduct business as usual, focusing on client interests.
We're pleased to announce FLF Equity Russia has more than doubled assets in the first 7 months of the year. Despite difficult market conditions, the continued interest of investors in high performance emerging market products has resulted in AUM increasing from $487 million (31.12.2009) to $1.02 billion (31.07.2010).
TKB BNP Paribas Investment partners is now ranked number 5 in terms of total AUM by the Expert Rating Agency of Russia. The company moved from number 8 (as of end December 2009) to number 5 (as of end June 2010). This new ranking is due to a significant increase in assets under management during last six months (more than 30%). The majority of these new assets came from BNP Paribas funds, institutional investors and offshore funds.
BNP Paribas Investments Partners (BNP Paribas IP), TransKreditBank (TKB), and KIT Fortis Investments announced June, 30 the change of name of KIT Fortis Investments to TKB BNP Paribas Investment Partners (TKB BNP Paribas IP).