According to the publication, the bank RUSSIAN FINANCIAL ALLIANCE (RFA, Moscow) has created a subsidiary that will form a $10-million closed-end PIF, KINOFOND. The fund will invest in film-making and buy rights to films. Market participants note that the first PIF mutual fund in the film industry will let investors lessen their risks. Earlier, RFA founders began investing in film business themselves: early this year they set up a company, LET’S IMAGINE, in association with producer Yelena Yatsura. The company currently owns rights to three films and shares in 12 more. Three films with an overall budget of over $11m are in production, including projects with working names BELYAEV and THE LIGHTS OF A JOINT.
Source: RBC DAILY, September 26, 2007
