Deutsche UFG is now the first fund provider whose products Nordea Bank will distribute to the Russian market.

Andrey Maltsev, deputy chairman of the management board at Nordea Bank, said the firm is launching a product range aimed at capital preservation and appreciation. “We will base our model on our existing experience in Scandinavian countries and the Baltics,” he said.

In November, Deutsche Bank decided to raise its stake in Deutsche UFG Capital Management to 100 per cent. Deutsche UFG - a top ten player in the Russian asset management space - provides funds and discretionary portfolio management for private and institutional clients.