Hedge funds told to freeze Russian oligarch’s assets after he was sanctioned by the British government!
A number of U.S. hedge-fund firms that have investments from Russian oligarch Roman Abramovich have been told to freeze his assets after he was sanctioned by the British government Thursday, according to WSJ
A message from fund administrator SS&C Globe Op to one firm said,
“Currently accounts attributed to Roman Abramovich are blocked from transacting, as such no distributions, redemption or payment cannot be made and no subscriptions or contributions can be accepted.”
*Kyiv Independent tweet on news on frozen funds
WSJ: US hedge funds told to freeze Russian oligarch Roman Abramovich’s assets following sanctions by the U.K. government on March 10.
The instructions likely thwart the oligarch’s recent efforts to sell his interests in a series of hedge funds.
— The Kyiv Independent (@KyivIndependent) March 12, 2022
SS&C, whose clients include hedge funds and other investment managers, said in the message it was monitoring the situation for guidance from the U.K. Treasury, the Office of Financial Sanctions Implementation and the Cayman Islands Monetary Authority. Other funds have received similar messages, according to people familiar with the matter.
The guidance likely puts a stop to recent efforts by Mr. Abramovich to sell his interests in a slew of hedge funds, said people familiar with the matter, WSJ reports
Mr. Abramovich, who for years has accessed hedge-fund investments through New York-based adviser Concord Management, had been trying to sell interests in funds including those managed by Empyrean Capital Partners in Los Angeles and Millstreet Capital Management in Boston, the people said.
The U.K. recently froze Mr. Abramovich’s assets and prevented him from doing any business in the country or selling assets including soccer club Chelsea F.C.