Amundi, Pictet Join Firms Freezing Billions in Funds Worldwide

More than a dozen funds managing at least $3 billion have been frozen as the fallout from Russia’s invasion of Ukraine reverberates through financial markets.

Pictet Asset Management and Amundi SA were among the latest firms to tell investors they had suspended activities or restricted them from accessing funds invested in Russian securities. Pictet’s $637 million Russian equities money pool was down 42% this year through Friday.

“Due to the serious dysfunctioning of the Russian securities markets, normal market trading conditions cannot be guaranteed,” Amundi said in a statement.

The moves followed sharp declines in financial markets, and many of …