Bloomberg News

Aberdeen Investing in Magnit, Russian Consumer Stocks

July 16, 2012

Aberdeen Asset Management Ltd. is investing in OAO Magnit, Russia’s largest retailer, as the economy’s expansion boosts consumer spending and spurs the best performance on the benchmark Micex Index.

“What we’re trying to build is an exposure to Russian growth, in particular, the growth of consumption, growth in the domestic economy,” Peter Taylor, senior investment manager at Aberdeen Asset Managers Ltd., said by phone July 13. “Our conviction has always been quite high” on Magnit, Taylor said.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Alex Nicholson at anicholson6@bloomberg.net


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