Exclusive: LSE Russian team sees future for dual listings

November 18, 2009

By Jason Corcoran in Moscow
The London Stock Exchange believes dual Russian stock listings in Moscow and London will endure in spite of plans to curb the amount firms can sell overseas.
The new rules, which are due to come into force from January 1, aim to restrict domestic companies from running to foreign exchanges by retaining [...]

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JP Morgan and Alfa lose out as Eurasia Drilling pulls GDR placement

November 18, 2009

By Ivan Anderzhanov in Moscow
Russian oil industry services firm Eurasia Drilling yesterday annouced it had cancelled plans to place Global Depositary Receipts (GDRs) after bids failed to match its expectations.
Investment bankers at JP Morgan and Alfa Bank will lose out having been mandated as joint bookrunners. JP Morgan was also the sole global coordinator for [...]

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Hermitage lawyer Sergey Magnitskiy dies in Russian prison

November 17, 2009

By Jason Corcoran in Moscow
A lawyer jailed on charges of helping William Browder’s Hermitage Capital Management evade taxes has died in a Moscow detention centre’s hospital.
Sergey Magnitskiy, 37, died yesterday at 9.50pm in Matrosskaya Tishina pre-trial detention centre in Moscow of apparent toxic shock and heart failure.
Magnitsky, a 37-year-old partner at Moscow law firm [...]

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Moos takes up his post as CFO of VTB

November 17, 2009

By Ivan Anderzhanov in Moscow
Herbert Moos has taken up his new duties as chief financial officer of VTB and deputy chief executive.
A VTB official confirmed the report, according to the press service Interfax.
Moos takes over from Nikolai Tsekhomsky, who quit in September after four years in the job to take up a senior role leading [...]

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COMMENT: Improving liquidity allows CBR to cut uncollateralised lending

November 17, 2009

Rustam Botashev, Senior Analyst at Unicredit Securities.
The Central Bank of Russia is to toughen requirements for banks participating in uncollateralised auctions from February 1 2010, the regulator reports. We see the move as evidence that short-term liquidity is no longer a problem for banks, and that the Russian banking system no longer needs a substantial [...]

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Rencap notches up its 14th deal in Africa in 2009

November 16, 2009

By Ivan Anderzhanov in Moscow
Investment bank Renaissance Capital has notched up its 14th deal in Africa this year after advising the Central African Mining and Exploration Co. (CAMEC) following its acquisition by ENRC, an LSE-listed Kazakh mining group.
The $955m deal in the mining sector is the largest public transaction on which Renaissance has advised [...]

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Pharos Russia fund ranked number one by Barclay Hedge

November 13, 2009

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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MSCI adds Inter RAO and Sberbank to its emerging markets index

November 13, 2009

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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COMMENT: Russian banks: back to the future

November 11, 2009

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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Sberbank Capital muscles into private equity with $14bn portfolio

November 11, 2009

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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Red Star switches focus beyond Russia and hires Scott Licamele

November 10, 2009

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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COMMENT: Russian Reform – A Realistic Prospect?

November 10, 2009

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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