By Andrei Skvarsky.
Oracle Capital Group, a global multi-family office and wealth consultancy, has bought a blocking stake in Third Rome, a Moscow-based wealth manager.
“Third Rome will continue to operate under the Third Rome Group name and brand as a self-managed group of companies. In cooperation with Oracle Capital Group, Third Rome will pursue its growth strategy,” the two companies said in statements without disclosing the sum for which the London-headquartered consultancy bought the stake.
The deal, described as a “strategic alliance” by both firms, has involved a top-tier management reshuffle.
Danilo Lacmanovic, former president of Third Rome, was appointed the firm’s chief executive, replacing Andrei Movchan. Movchan and Oracle chairman Martin Graham became co-chairmen of Third Rome’s board of directors.
No further changes to the top management team are to be made under the terms of the deal.
“The partnership will allow us to obtain access to important international markets and, through Oracle Capital Group’s hugely respected and comprehensive service offering, enable us to offer an unparalleled service in the Russian market,” said Movchan.
Lacmanovic is a co-founder of Third Rome. He joined the team in 2009 in the capacity of senior partner and later became its president. Before coming to Third Rome, he had a role at Renaissance Investment Management which involved managing a portfolio of more than $450m.
Graham, in addition to his role at Oracle, has founded and chairs Secondcap, a firm seeking to raise the efficiency of trading secondary fund interests in private equity. He holds positions on various boards, including that of Moscow Exchange, where he is head of risk management.
Between 2003 and 2009 Graham had jobs at London Stock Exchange involving “direct responsibility for over $500m of revenues and 75% of group profits”, the Oracle statement said.
“Martin personally led the exchange’s transformational growth strategy focused on driving market efficiency and resulting in a fivefold increase in market size between 2003 and 2008,” it said.
Andrei Movchan was chairman of Renaissance Investment Management and chief executive of Renaissance Bank before he founded Third Rome in 2009. He served as a top manager at Troika Dialog for six years before joining the Renaissance group.