Investment company does not have Venezuelan shares, investors told

Wed, 10 Jan 2007

An investment company has sought to reassure its investors that it does not own any shares in Venezuela, following recent political statements made by the country's president Hugo Chavez.

Mr Chavez, who is preparing to be sworn in for his third term in office, revealed this week that he wishes to renationalise the country's largest phone company Compania Anonima Nacional Telefons de Venezuela and other private telecommunications companies .

In addition, Mr Chavez is also widely believed to be interested in renationalising the domestic energy industry, in news that has alerted Latin American investors who have stocks in companies such as BP, Total, ExxonMobil and Chevron.

However, Jules Mort, manager of the Latin American fund from asset allocation company Threadneedle Asset Management , has revealed that it does not currently have any investments in the region.

"We have always been aware of this kind of political risk and consequently have not invested any of our clients' funds in this market," he said.

"It is part of our added value as fund managers to understand and mitigate these risks."

In the past, Mr Chavez has repeatedly outlined his plans to introduce a "21st century socialist state" into the oil-rich country.

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