JPMorgan, Danske Invest suspend trading of equity funds with Russian exposure

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Traders work at the post that trades JP Morgan on the floor of the New York Stock Exchange May 11, 2012. REUTERS/Brendan McDermid

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NEW YORK, Feb 28 (Reuters) - JPMorgan Asset Management suspended its JPM Emerging Europe Equity fund on Monday, a source familiar with the matter said, and Denmark's Danske Invest said it had suspended trading in equity funds with a significant exposure to Russian shares.

The measures, earlier reported by Bloomberg, came as global financial markets on Monday dealt with stringent new Western sanctions imposed on Russia after its invasion of Ukraine and with Russian central bank restrictions on trading.

"Due to the war in Ukraine and the Russian Central Bank’s decision to close the Russian stock market, Danske Invest has been forced to suspend trading in the equity funds that have a significant weight of Russian equities in the portfolio," Danske Invest, the asset manager of Danske Bank (DANSKE.CO), said in a statement on Monday.

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It said the duration of the suspension would depend on developments in the Russian stock market.

"We are monitoring the situation carefully but due to the uncertainty of the situation, there is an increased risk that the funds may be entitled to further suspensions in the period ahead," it added.

Russia's central bank ordered brokers to suspend the execution of all orders by foreign legal entities and individuals to sell Russian securities.

A top executive at equity index provider MSCI said on Monday Russia's stock market was "uninvestable," making a removal of Russian listings from indexes a "natural next step". read more

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Reporting by Davide Barbuscia and Jacob Gronholt-Pedersen; editing by Jonathan Oatis

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