Snezhinskiy JSC set up the Universal United Bank Management Fund. As the bank’s spokesperson said to UrBC representative, the Fund was registered with the Bank of Russia General Administration in Chelyabinsk Region on June 26, 2006; this is the first fund of such nature set up by a regional bank. Starting July 3, Snezhinskiy JSC will be accepting investments directed to the Fund, with the lower investment limit set at 100,000 RUR (Russian currency only).

The commission of the managing body comes to 1% of the current market value of the assets per annum (charged monthly or in case of restitution). Added to this is the 10% remuneration for the accretion to the capital (charged quarterly or in case of restitution).

In case of full or partial restitution within 31 to 81 days of acquiring the share of the Fund, a 1% commission is charged (with the sum determined by the value of the share on the settlement day).

‘This is one of the underdeveloped segments of the banking business on the regional market today. So far, only some investment companies could be seen as our competitors in the field,’ Securities Director of Snezhinskiy JSC Sergey Varlakov said.