Uniastrum Capital, the London-based hedge fund affiliate of Uniastrum Bank in Russia, has launched what are believed to be the first capital-protected notes linked to derivatives for the Russian market. The notes, issued by the parent bank, are linked to underlying oil, currency and index futures, according to George Piskov, chief executive.
"We are something of pioneers in Russia. There has been a bit of a wrong perspective for derivatives as a risky instrument. But when you mix them with other things they can be quite nice," said Piskov.
Piskov declined to comment on the assets taken by the notes so far, but ventured that they are likely to hold $20 million by the end of the year.
