Investors are being offered the chance to put some money into in the fast-growing Russian economy with the launch of a new fund just listed on the Bermuda Stock Exchange (BSX).

The FMG Russia Fund Ltd. has been set up by Hamilton-based Apex Fund Services Ltd., whose majority owner Peter Hughes said it was aimed at those who wished to try their luck in a “high-risk, high-return” market.

“Russia has been one of the fastest-growing economies in the world,” Mr. Hughes said. “Over the last few years investments in Russia have annualised at between 30 and 40 percent growth. I, personally, have been an investor.

“The minimum investment in the fund is $10,000 and it opens up investing opportunities in Russia as a more low-risk venture. It’s not for the faint-hearted, but if you can stand the higher risk it offers the potential of a higher return.

“If people have the majority of their portfolio in ‘safe’ stuff, then they can try putting a little into an emerging market.”

Mr. Hughes said the Russia Fund would fit in well with some of Apex’s other investment products, such as the Rising Three Fund, which invests in Russia, India and China.

The BSX announced yesterday that its Listing Committee had approved the listing of 10.9 million non-voting redeemable preference Class A and Class B shares each in US dollars or in euros, of the FMG Russia Fund Ltd. The listing was effective from January 2, 2007.

The Fund, which started business on September 20, 2006 is a Bermuda Standard Scheme that places fund assets with a diversified portfolio of independent investment managers that invest primarily Russia and CIS countries.

“The BSX is delighted to welcome the FMG Russia Fund Limited to listing,” said James McKirdy, chief compliance officer of the BSX.