The asset managers have started to leave Russia

DWS has become the first fund manager not to make any new investments in Russian securities. In doing so, the Deutche Bank-owned fund manager is showing its solidarity with the people of Ukraine in the wake of the Russian invasion. JP Morgan AM has also immediately suspended two of its funds investing in the country.

In order to protect shareholders' interests, JPMorgan Funds - Russia Equity Fund (SICAV) and JPMorgan Funds - Emerging Europe Equity Fund (SICAV) have been suspended with immediate effect. "We are closely monitoring the risks and remain focused on acting in the best interests of our clients and shareholders at all times as part of our fiduciary duty. The suspension will be reviewed on an ongoing basis," JP Morgan Asset Management said.

Given the current situation, and until further notice, investment funds actively managed by DWS will no longer make new investments in Russian securities. In addition, in coordination with the funds' management committees, "we will suspend new holdings in funds with significant Russian exposure and will manage existing Russian exposure on behalf of our clients in accordance with their portfolio investment policy and our fiduciary commitment. Of course, we will also apply any sanctions imposed by the EU, the UK and the US to Russian entities," DWS notes.

The events of the last week mark a sad turning point in Europe, where freedom has been the cornerstone of collective prosperity for decades. This war of aggression has not only undermined trust between the Russian government and the Western world, but will also permanently change Europe's security architecture and energy policy and create significant volatility.

DWS and JP Morgan AM have not been the only entities to take action on the conflict. The world's largest sovereign wealth fund, Norges Bank, has frozen its holdings in Russian companies. In fact, it aims to divest completely, Norwegian Prime Minister Jonas Gahr Store announced on Sunday.

The UK's largest private pension fund, Universities Superannuation Scheme, has also announced that it will sell all its Russian holdings. It currently has £90 billion under management and the Russia-related assets would amount to a total of £450 million, reports the Guardian.