Our exposure to Russia, Belarus and Ukraine is minimal at less than 0.1% of assets under management and we will not be investing in Russian or Belarusian equities for the foreseeable future. We will monitor the situation closely and will continue to take investment decisions to protect our clients’ interests.

 

Russian markets have been suspended. Our focus today is to examine our non-Russian holdings to understand how they are managing their businesses in Russia, Belarus and Ukraine, their supply chains and the stakes they may own or operate. We are engaging with those companies to ensure they are responding appropriately to the current crisis.

 

Aside from the human tragedy, this terrible situation will have significant long-term business implications which we are analysing. The provision of European energy supplies is likely to be dramatically different, the rising oil price has impacted inflation expectations, while global supply chains across numerous industries will need to be re-directed. We need to engage on these issues and many more in order to meet our client expectations on ESG and to most effectively manage their portfolios.

 

Finally, we know that our people at Schroders care deeply about what’s happening. That is why we as a firm have made a significant donation to support the Red Cross, as it seeks to provide food, medicine and shelter to the people of Ukraine. We will also double the donations made through our employee charitable giving scheme.

 

In these difficult times, our thoughts remain with Ukraine and its people.