RenCap hires IT chief from BrokerCreditService

Renaissance Capital, a Russian investment bank focusing on emerging markets, has hired {{{*}}} Vladimir Gibenko from Russian brokerage BrokerCreditService (BCS) as head of information technology. Gibenko took up his new job on March 1, RenCap said in a statement. He returned to Renaissance, where he held IT-related positions before taking charge of the IT service at BCS. Gibenko worked at Alfa-Bank… Continue Reading

Elbrus Capital buys OSG Records Management from Aurora Russia

Elbrus Capital, Russian equity firm recently bought OSG Records Management from Aurora Russia. {{{*}}} The target company was acquired through a secondary buyout that puts its value at between USD25 and 50 mln. It is intended that the transaction will close in early March 2013, with Aurora Russia exiting the company nearly seven years after… Continue Reading

East Capital upbeat about Russia’s domestically-, consumer-focused sectors

East Capital, an emerging markets-focused asset manager headquartered in Stockholm, argues {{{*}}} that domestically-oriented and consumer-related sectors offer the best investment opportunities in Russia. According to East Capital’s chief investment officer, Peter Elam Håkansson, today’s Russia is a country with a “strong economy”, one of the world’s strongest balance sheets, domestically-focused sectors experiencing double-digit growth, and a… Continue Reading

Otkritie puts deputy CEO Romaev in charge of Nomos

Russia’s Otkritie financial group has given an extra role to Dmitry Romaev, its deputy chief executive and chief {{{*}}} financial officer, by appointing him as chief executive officer of Nomos, a Moscow bank bought out by Otkritie in autumn 2012. As head of Nomos, Romaev succeeds Dmitry Sokolov, who was the lender’s chief executive since… Continue Reading

Dragon Capital invests in pharmaceutical company Sperco Ukraine

Europe Virgin Fund L.P. (‘EVF’), a private equity fund sponsored by Dragon Capital, has completed formation of a 50/50 joint venture {{{*}}} with Ucrafarma S.A., a Spanish pharmaceutical company. The partners have united their forces in Lux PHARMA Participations SA, a Luxembourg-based holding company, with Ucrafarma transferring various pharmaceutical assets including its 95% stake in… Continue Reading

Re-launch of EmergingMarkets.me

{{{?}}}We are now ready to announce the re-launch of EmergingMarkets.me, an online financial news and analysis service for emerging markets professionals. We will continue to focus on investment banking, asset management, fund management, mergers and acquisitions, equity markets, debt markets, private equity, custody, trading, and technology. With the latest news, opinions and analysis, our readers… Continue Reading

Home Credit receives bids totalling $300m for Russian bonds

Home Credit, one of Europe’s leading retail lenders, has pulled off a highly successful securities project in Russia, {{{*}}} with a total of 9.4bn rubles ($300m) offered for bonds issued by its Russian subsidiary – more than three times their total par value. Sberbank CIB, the investment banking arm of Russia’s biggest lender Sberbank, Raiffeisenbank… Continue Reading

Multi Product Structured Solutions – Investment Bank – London

{{{?}}} Multi Asset Salesperson required for a CEEMEA group within a London based team at a tier one bank. Must have experience of selling Fixed Income, FX & Rates as well as Structured Equity products to an Crentral or Eastern Europe client base comprising Financial Institutions (Public Side). Recruiting Company: Global ID Solutions Contact Person:… Continue Reading

RDIF, VEB, France’s CDC sign private equity promotion deal

By Andrei Skvarsky. Russia’s Direct Investment Fund (RDIF) and VEB development bank and France’s Caisse des Depots et Consignations (CDC), {{{*}}} all of which are state institutions, have signed an agreement to boost private equity investment in the two countries. The deal – a memorandum of understanding – was signed in Moscow on February 28… Continue Reading

Clearstream link to Russian CSD goes live with custody fees halved

By Andrei Skvarsky. Clearstream, the clearing and settlement arm of German stock exchange Deutsche Boerse, has confirmed that its direct link to Russia’s new central securities depository {{{*}}} , the National Settlement Depository (NSD), is going live on February 28, and that it is cutting its custody fees for Russian OFZ sovereign bonds by up to… Continue Reading

Hungary’s Primus Capital launches iCatapult-designed acceleration programme

Hungarian venture capital investment company Primus Capital – unrelated to the Cleveland-based firm of the same name – is putting up a 400m-forint ($1.77m) fund to launch a newly-designed business acceleration programme in seeking access to the U.S. market for Hungarian technology companies. {{{?}}} The programme, designed by New York-based technology firm iCatapult, involves a… Continue Reading

EBRD intervenes to salvage Lithuania’s Ukio bank

By Andrei Skvarsky. The European Bank for Reconstruction and Development is lending 20m euros in co-funding an urgent effort to rescue Lithuania’s troubled Ukio bank, whose woes are seen as a threat to the Baltic country’s entire financial sector. {{{*}}} Under an agreement between Ukio’s administrator, the lender, headquartered in Lithuania’s second-largest city of Kaunas,… Continue Reading

Prostor Capital and Moscow Seed Fund invest in Car-Fin.ru project

Prostor Capital, the Russian VC fund, and Moscow Venture Investment Fund have invested {{{*}}} $400K in Car-Fin.ru project which is a service that allows you to compare different offers when choosing a car, to get credit and leasing online. Car-Fin team took part in the selection under the GTI Labs acceleration program, that is already supported by… Continue Reading

EU financial intel body takes up Magnitsky affair

By Andrei Skvarsky. The European Commission has launched an investigation into the laundering of money stolen from Russian tax authorities in an alleged monumental scam uncovered {{{?}}} by Sergei Magnitsky, a Russian lawyer for British investment fund Hermitage Capital who died in a Moscow jail in 2009. The commission asked for such a probe at a… Continue Reading

FTI Consulting: global business “surprisingly” upbeat about world banking

By Andrei Skvarsky. FTI Consulting, a global business advisory firm, has said it has carried out a poll that suggests the world business community is “surprisingly” optimistic about the global banking industry. {{{*}}} Of more than 1,000 business leaders in major global economies who were questioned in the survey, 89% believed their home country’s banking… Continue Reading

AVentures Capital invests in Ukrainian developer of technology for Google Glasses

AVentures Capital has acquired a 25% equity stake in Augmented Pixels, one of the world’s leading augmented reality technology developers. The deal closed on February 15, 2013. AVentures Capital and Augmented Pixels didn’t disclose the financial details of the Series A deal to the public. However, AVentures fund typically invests from $300,000 to $3 million… Continue Reading

Wermuth’s pro-environment fund pulls off second deal in short while

By Andrei Skvarsky. Wermuth Asset Management, a German firm with most of its business interests in Russia, has reported a second transaction by its sustainable energy-focused Green Gateway Fund, with the previous deal announced just three days ago. {{{*}}} Green Gateway Fund, whose legal name is Europe-Tatarstan Cleantech Fund, led a group of investors that put… Continue Reading

EBRD to have permanent office in Jordan

By Andrei Skvarsky. The European Bank for Reconstruction and Development is to have a permanent office in Amman under a recent agreement with the Jordanian government. {{{*}}} The EBRD said in a statement that it had appointed Heike Harmgart, one of its senior economists, as head of the office. The EBRD, which began investing in… Continue Reading

Russia’s Aton hires ex-UBS banker to run new brokerage arm

Russia’s Aton investment group has hired Alexei Sizov, a former UBS, JP Morgan and Renaissance Capital banker, as head of institutional business at its new brokerage Aton Capital. {{{*}}} Sizov will oversee the equity, fixed income, treasury, direct market access and research units and the brokerage’s office in London, the Moscow-based group said in a… Continue Reading

EBRD, Ukraine come up with anti-corruption plan

By Andrei Skvarsky. The European Bank for Reconstruction and Development and the Ukrainian government have agreed a short-term plan to set up a public-private working group and the office of business ombudsman in Ukraine to address the country’s vast-scale corruption. {{{*}}} Later on, the EBRD and Ukraine will be developing a comprehensive initiative to fight… Continue Reading

Wermuth reports deal, two senior appointments

By Andrei Skvarsky. The Green Gateway Fund, a 110m-euro investment fund run by Germany’s Wermuth Asset Management, has acquired a minority stake in The Mobility House (TMH), a Germany-based provider of charging equipment for electric vehicles. {{{*}}} Wermuth’s statement that reported the deal did not disclose the size of the stake. Wermuth, a firm with… Continue Reading

Head of Product Development / Marketing – Banking Group – Moscow

{{{?}}} One of the largest banking groups in Russia is looking for Head of Product Development / Marketing for it’s Moscow office. The successful candidate must have: – relevant experience working in a senior role in product development / marketing within financial services industry; – strong management experience – ideally with knowledge of Russian & CIS markets as well… Continue Reading

HSBC drawn into Magnitsky affair as Russian police demand info

By Andrei Skvarsky. HSBC has found itself drawn into the Magnitsky affair as Russian police are pressing its Moscow subsidiary to cough up information relating to Hermitage Capital and threatening to use force if the British bank’s Russian arm refuses to cooperate, Hermitage said. {{{*}}} Russia’s Interior Ministry wants HSBC’s Russian unit to provide wide-ranging… Continue Reading

Moscow Exchange IPO kicks off with $500m worth of stock floated

The Moscow Exchange is launching its initial public offering today, putting 15bn rubles’ (497.5m dollars’) worth of stock on sale on its own platform and having set the per-share price at 55 rubles ($1.83). {{{*}}} A statement from the exchange values the bourse at 126.9bn rubles ($4.2bn). VTB Capital, as stabilising manager of the IPO,… Continue Reading

SBERBANK COMMENT: Economic update – sluggish performance

By analysts, Sberbank Investment Research. Growth slowed at end 2012 not just in Russia but also in neighboring Kazakhstan, Belarus and Ukraine. In contrast to Russia, where slowing economic growth has been accompanied by softening consumption growth, the Kazakh, Belarusian and Ukrainian consumer markets remain overheated. {{{*}}} We see serious risk of economic contraction in… Continue Reading

EAST CAPITAL COMMENT: Chinese equities going from strength to strength

By Gustav Rhenman, Portfolio Manager, East Capital. The outlook for Chinese equities remains upbeat after they rallied  for the fifth month in a row. Among emerging markets, China stands out thanks to accelerating economic growth, rebounding industrial profits and fresh evidence that the country’s real estate market is not a bubble. {{{*}}} Since September 2012,… Continue Reading

EU legislators press Ashton over Magnitsky affair

By Andrei Skvarsky. One of the European Parliament’s political groups has pressed the European Commission to go ahead with sanctions against alleged Russian persecutors and killers of Hermitage Capital lawyer Sergei Magnitsky that the EU legislature recommended in October and December. {{{*}}} In an address to EU foreign policy chief Catherine Ashton, the Alliance of… Continue Reading