FORMER TAOISEACH Dr Garret FitzGerald is retiring from the board of a hedge fund whose investments included a Russian lingerie chain.
Dr FitzGerald, an Irish Times columnist, confirmed last night that he has stepped down from the board of Frankfurt-based Wermuth Asset Management’s Greater Europe Fund, which was focused on investing in Russia.
He said he had decided to step down as he turned 83 recently and felt it was time to retire.
The fund’s assets have dropped to $20 million from a peak of $560 million.
Its investments included the Moscow-based Wild Orchid lingerie chain, which has 69 shops across Russia and the Ukraine; and Sistema, a conglomerate which controls Russia’s biggest mobile phone operator Mobile Telesystems.
The former leader of Fine Gael told The Irish Timesyesterday that the fund had suffered along with the rest of the financial markets.
“But its investors still have confidence and they have put more money into it,” he said.
“We had a lot of borrowings but they have been dealt with and the fund is viable again.
“When the world recovers, the value of its investments will rise again. I felt that I had done my bit to get it through those difficulties and decided it was time to go.”
