Statement re Investment Mngr.

JPMorgan Flem Russian Secs PLC
03 February 2005


                          STOCK EXCHANGE ANNOUNCEMENT


                     JPMORGAN FLEMING RUSSIAN SECURITIES PLC

                          INVESTMENT MANAGEMENT TEAM


The Board of the Company announces that Mark Robinson, who is the joint
investment manager of the Company, will be leaving JPMorgan Fleming Asset
Management shortly to take up a position with another firm.


Oleg Biryulyov, who has been managing the Company's assets since launch and was
previously Fund Manager of the Company's predecessor, The Fleming Russia
Securities Fund Limited, will continue to manage the Company's assets.



3rd February 2005


J.P. Morgan Fleming Asset Management (UK) Limited - Secretary


For further information please contact:


Richard Lewis

J.P. Morgan Fleming Asset Management (UK) Limited............020 7742 6000


                      This information is provided by RNS
            The company news service from the London Stock Exchange                   ZM