THE RUSSIAN INVESTMENT story right now is one of stark opposites. In foreign direct investment all seems remarkably rosy. The government’s 7% stake in LUKoil looks set to be bought by Conoco. In consumer finance, GE Capital, BNP Paribas and Société Générale have all made recent acquisitions. UBS also recently bought out Brunswick, its Russian brokerage partner.
The story is very different in portfolio equity investment where, despite Russia’s having some of the strongest macroeconomic fundamentals in Europe, several large foreign institutions are scaling back their positions.
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