Fidelity separates Russian assets from EMEA fund via split to new sustainable portfolio

Fidelity is set to split the assets of the firm's Emerging Europe, Middle East and Africa fund, isolating its Russian assets in an "external side-pocket" while it attempts to close the fund. The split, which will occur on 24 March, will see all assets of the fund transferred to the new Fidelity Sustainable Emerging Markets Equity (SEME) fund, except for its Russian holdings. A Fidelity spokesperson explained that "existing Russian holdings will remain in the EMEA fund, effectively making it an ‘external side pocket'". Investors in the EMEA fund will continue to hold shares in the f...