Hedge fund EDL is creating two new vehicles to hold its Russian equities positions, according to a report by Bloomberg.

The macro investment firm run by Edouard de Langlade informed investors of the move in a letter which also outlined a plan to make an in-kind redemption for VTB Bank PJSC and Alrosa PJSC shares, which are both subject to sanctions, over Russia's invasion of neighbouring Ukraine.

As of 18u March, the USD693 million EDL Global Opportunities hedge fund had about 10 per cent o fits assets invested in Russian equities according to the report.