Emerging Markets, Emerging Russia, Emerging Views
From the monthly archives:
By Jason Corcoran
The Pharos Russia Fund has been ranked first in the Equity Long/Short category for September by the Barclay Hedge database.
Barclay Hedge, founded in 1985, is a computerised database that tracks and analyzes performance of 5804 hedge fund and managed futures investment programs worldwide. Barclay indices are utilised worldwide by financial media and investment [...]
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By Ivan Anderzhanov
MSCI added Inter RAO and Sberbank’s preference shares to its emerging markets index yesterday in place of Rostelecom and Transneft shares.
Sberbank’s preferred shares were first added to the index in 2006 but were removed following a drop in the company’s market capitalisation. Sberbank’s weight in the emerging-markets index will be 0.06%, while it [...]
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By Rustam Botashev, equities analyst at UniCredit Securities
Pre-crisis profits already priced in for VTB, but Sberbank and VZRZ still have room for positive surprises
VTB promises to reach pre-crisis profits in 2010; we see this as possible for all banks under coverage. Bankers are suddenly talking about making solid earnings in 2010E; VTB even expects to [...]
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By Ivan Anderzhanov in Moscow
Sberbank Capital has been able to muscle into private equity by assembling a portfolio of distressed assets worth a potential $14bn from its state-controlled parent bank.
The investment subsidiary currently has assets under management of $4bn from 11 projects with a further $10bn either progressing or in the pipeline, according to an [...]
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By Jason Corcoran in Moscow
Red Star Asset Management is switching its focus from Russia to global emerging markets following the recruitment of Scott Licamele as a director.
James Fenkner, founder and managing director of Red Star, quit Russia early this year to move to California after working in Russia for 14 years.
Fenkner made the move for [...]
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By James Beadle, Global & Emerging Market Strategist, Market-Melange.com
Recent reports of Kremlin-infighting are partially accurate. Expect sharp swings in investor sentiment, creating good opportunities to make money, but no radical changes to Russia’s economic & political system.
Although the mass-media remain sceptical, in-depth analytical sources and business intelligence groups – such as Stratfor – have begun [...]
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By Jason Corcoran in Moscow
Alfa Bank has hired Peter Szopo from Luxembourg-based private bank Sal Oppenheim as head of research after parting company with Ron Smith.
Michael Pijiolis, head of equities at Alfa, told Emergingmarkets.me Smith had already left and would be replaced by Szopo. An announcement is expected to be made tomorrow regarding Szopo’s [...]
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By Ivan Anderzhanov in Moscow
Former Citigroup banker Tom King will become head of investment banking for Europe, the Middle East, and Africa (EMEA) at Barclays Capital in December.
King will replace John Winter who will become chief executive of Barclays corporate bank. He will report to Barcap’s head of global investment banking Hugh ‘Skip’ McGee.
The [...]
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By Ivan Anderzhanov in Moscow
Russia Partners, the Moscow-based private equity arm of US investor group Siguler Guff, announced today the acquisition of 3.3% of MDM Bank from SM Group, one of its Siberian founders.
The investment is being made by Russia Partners’ new $600m fund.
Existing shareholders in MDM include Olivant, the investment arm of ex UBS [...]
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By Rustam Botashev, equities analyst at UniCredit Securities
The Ministry of Finance plans to amend the 2009 budget to redistribute the funds currently allocated for the recapitalisation of Russian banks via government bonds (OFZ) among other sectors of the economy, Vedomosti writes, citing Finance Minister Alexei Kudrin.
Our view: The Russian government allocated RUB 150bn (USD [...]
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By Ivan Anderzhanov
Russian brokerage firm Otkritie has continued its hiring spree by recruiting Alexander Zakharov as director of international sales in Moscow.
Zakharov, who was previously deputy head of equities at Metropol, takes on a new role to oversee efforts to work with institutional clients in continental Europe. He had joined Metropol in 2007 after a [...]
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By Jason Corcoran in Moscow
Famed Russian fund manager Bill Browder has warned students of his alma mater at Stanford in the US that anyone investing in Russia now “is completely out of their mind.”
Browder, who established Hermitage Capital in 1996, was once the largest foreign owner of Russian stock. His visa was revoked in 2005 [...]
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