Russia in push for foreign cash

Russia's newest state fund made its first investment yesterday, buying a stake in Moscow's MICEX-RTS bourse to boost its initial public offering hopes and compete with big international centres like London for Russian company listings. The $10bn Russian Direct Investment Fund, which is government funded but run by private equity specialist Kirill Dmitriev, is investing together with the European Bank for Reconstruction and Development. The pair are buying a total stake of 7.54 per cent.