The Bank of Moscow Has Become Entitled to the Trust Management of the Temporarily Surplus Funds

The results of the open contest to select beneficial owners of the temporarily surplus funds of the Fund of the Housing and Public Utilities Reformation Assistance state corporation have been summarized. The Bank of Moscow is among the contest winners. The temporarily surplus funds of the Fund will be allocated in the state and corporate bonds, bonds of the constituent units of the Russian Federation and mortgage securities.

A total of 32 companies submitted their application to take part in the contest to select beneficial owners of the temporarily surplus funds of the Funds. 10 organizations were selected as winners. The contestants were offered to present not only results of the similar assets management in the past, but also their ideas for the future regarding tactical approach approaches to forming the portfolio and selection of analysts, traders and risk-manager team members, and also analytical findings.

Alexey Sytnikov, Vice President of the Bank of Moscow said: "The basic criteria for selection of the winners was the quality of the submitted proposals, and also qualification level of the team selected to manage the money funds of the Fund of the Housing and Public Utilities Reformation Assistance. The victory in this contest is a peculiar kind of evaluation of professional work of the Bank of Moscow in the trust management market".

The Fund of the Housing and Public Utilities Reformation Assistance is a state corporation established to operate for a five years period. The Fund will finance events relating to the major repairs in the apartment buildings and removal of people from the houses acknowledged to be wrecking and subject to demolition. The state appropriated 250 billion rubles for these purposes. Expenses of the Fund will be controlled by the Surveillance Council consisting of 17 persons including representatives of the President of the Russian Federation, the Government of the Russian Federation, the Federal Assembly and the Public Chamber.

Center of public relations, Bank of Moscow
(495) 624-74-40
pr@mmbank.ru

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