Iset-Invest’s annulled license may have to do with competition, Accord Invest says

3 June 2008 (09:51)

‘I should say that every once in a while, some old-time investment companies actually close down after all. Iset-Invest would not be the only example of this. I would assume that the recent annulment of the license of a professional securities market player has to do with the proprietors’ decision not to go on working in the current fiercely competitive environment. Modestly-sized provincial investment companies find it increasingly difficult to stay on the market, and this market’s opportunities are not the best for the local players (that is, for about a quarter of all investment companies). These are the large federal investors that are calling the tune there at the moment,’ says Accord Invest’s Deputy GD Konstantin Selyanin.

The Federal Financial Markets Service annulled Iset-Invest Investment Company’s license allowing them to deal in brokerage and dealing operations on May 29, 2008.

Konstantin Selyanin reports Iset-Invest kept selling ATON’s products for a while; however, ATON has its own subsidiary in Yekaterinburg now, which means Iset-Invest lost an important partner as well as all the customers who used to buy ATON’s products from them.

‘Iset-Invest has been on the market for fifteen years and earned a good reputation. It’s sad that such things happen,’ he noted.

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