A federal judge in Manhattan has ruled that William Browder, co-founder of U.K.-based hedge fund Hermitage Capital Management, will have to comply with a subpoena related to information he provided to federal prosecutors in a money laundering case. U.S. District Court judge Thomas Griesa said Browder will have to travel to New York to sit… Continue Reading
The Greatest Career Mistake
Whether you are seeking a new job, trying to get a startup off the ground, or attempting to scale the corporate ladder, the greatest mistake you are making is very simple, and very avoidable: Doing it by yourself. Some of the greatest minds, leaders, and entrepreneurs have all called upon the help of a Mentor… Continue Reading
HFR: Hedge Funds Sour On Emerging Markets
Hedge fund capital invested in emerging markets declined to conclude 2014, falling from the record level established in 3Q14 on a combination of performance losses and investor outflows concentrated in funds with exposure to Russia. The HFRI EM: Russia/Eastern Europe Index declined 18.6% in 4Q14, bringing the 2014 full year loss to 26.5%, making 2014… Continue Reading
Omni Macro Fund Bullish On India, Watching China
Omni Macro Fund was formed in 2007 by Stephen Rosen, previously a prop trader at JP Morgan. The $600 million strategy was up 5.7% in 2014 and is over three percent ahead so far in 2015. Rosen is supported by Head of Strategy Chris Morrison, also a former prop trader at JP Morgan. In addition… Continue Reading
Lombard Odier: Greek crisis no obstacle to euro zone recovery
By Andrei Skvarsky. Swiss bank Lombard Odier argues that the Greek crisis is not systemic to the euro zone and does not jeopardise its recovery, not at this point at least. Continue Reading
Deutsche Boerse’s MNI Indicators: Russian companies face credit crunch
By Andrei Skvarsky. According to Deutsche Boerse-owned intelligence firm MNI Indicators, Russia’s economic downturn and foreign policy problems are pushing Russian companies closer and closer to a credit crunch. Continue Reading
EBRD and KICB finance improvements for Ak Bermet resort on Lake Issyk-Kul
Lake Issyk-Kul is one of the most famous sights in the Kyrgyz Republic and Central Asia. With appropriate investment, the area has the potential for further promotion as an attractive holiday resort. The European Bank for Reconstruction and Development (EBRD) and KICB, its local partner bank, are supporting further development of this tourist attraction by… Continue Reading
Cordiant hits $350 million at final close of latest emerging markes loan fund
Cordiant, a leading emerging market private debt fund manager, has raised US $350 million at the final close of its latest debt fund, the Cordiant Emerging Loan Fund IV (CELF IV). The fund’s primary focus will be on senior, secured loans issued to emerging market private sector borrowers, with an emphasis on diversification across countries… Continue Reading
Uniform rules on syndicated lending drafted in Russia
By Andrei Skvarsky. A large group of banks and companies including Sberbank, Deutsche Bank, PricewaterhouseCoopers and Baker & McKenzie have drafted uniform rules on syndicated lending based on Russian law in a bid to do away with legal discrepancies in the current Russian syndicated lending practice. Continue Reading
International private equity firms Siguler Guff and CapMan invest in Russian educational test preparation company
Siguler Guff and CapMan, two international private equity firms, announced last week an investment in Maximum Education, a major Russian provider of educational test preparation services, in exchange for “a significant minority stake.” Siguler Guff declined to disclose any further details of the transaction, but Maximum Education CEO Michael Magkov told East-West Digital News it… Continue Reading
Russian venture fund Life.Sreda seeks to sell assets amid first signs of severe industry contraction
Russian fintech fund Life.Sreda is seeking buyers for the greater part of its portfolio companies, both Russian and foreign, Russian business daily Vedomosti has learned from unnamed industry insiders. The fund intends to concentrate on the development of its most promising project, mobile acquiring startup LifePay. In an exchange with the newspaper, Life.Sreda representative Anna… Continue Reading
Sanctioned Sberbank reports booming trade finance, documentary business for 2014
By Andrei Skvarsky. Sberbank, Russia’s biggest lender, has reported trade finance and documentary business transactions for last year by its parent Moscow-headquartered company. Continue Reading
EXCLUSIVE: S&P’s junk grade for Russia no bombshell – Swiss banker
By Andrei Skvarsky. A Moscow-based senior manager at Swiss bank Lombard Odier has argued that ratings agency S&P’s lowering of the sovereign credit rating Continue Reading
Asia Frontier Capital Newsletter – Country Snapshot: Bangladesh
With over 160 million people, a young and cheap labor force and a strategic location between India and China – two of largest engines of global economic growth over the past decade – Bangladesh maintains strong prospects for extended economic growth. Continue Reading
Associate Finance Manager for Venture Fund, Moscow
A direct vacancy from www.russiansinthecity.eu Responsibilities: – Analysis of investment projects; – Analysis of business models of project companies of the fund in Russia; – Preparation of managerial finance statements for project companies of the fund; – Preparation of investment presentations about portfolio companies of the fund. Continue Reading
COO Assistant / PA, Russian-speaking, London
A direct vacancy from www.russiansinthecity.eu A new London based hedge fund management company is looking for an assistant to COO, who would also cover PA functions for three partners. Continue Reading
Mongolia’s XacBank lending $10m to Mongolia Holdings rental firm
By Andrei Skvarsky. XacBank, one of Mongolia’s largest banks, has agreed to lend $10m to Mongolia Holdings, the Hertz Equipment Rental franchisee for Mongolia, as the first tranche of a proposed $40m credit line from the lender. Continue Reading
Deutsche Boerse group: Consumer sentiment in Russia lowest for nearly 2 years
By Andrei Skvarsky. Monthly polls of ordinary Russians by MNI Indicators, an intelligence unit of the Deutsche Boerse group, suggest that consumer confidence in Russia has been fizzling out steadily for months and in January hit the lowest mark since the surveys were launched in March 2013. Continue Reading
Juniper Research: Use of cryptocurrencies plummeting over theft, murky deals
By Andrei Skvarsky. Juniper Research, a UK-based communications research and consultancy company, forecasts that global cryptocurrency transactions will plummet in value this year to just over $30bn from more than $71bn in 2014. Continue Reading
IronFX launches office in Johannesburg
IronFX Global, a Eurex group foreign exchange trading company, has announced it has opened an office in Johannesburg. Continue Reading
Runa Capital-led effort raises $3m for Seattle’s LendingRobot
Runa Capital, a Moscow-headquartered global venture firm, has led a funding round in which $3m was raised for Seattle-based startup LendingRobot, an automated investment service for online lending, East-West Digital News Magazine (EWDN) has said. Continue Reading
7th Russia & CIS Summit on ANTI-CORRUPTION – March 24-25, 2015 – Ararat Park Hyatt Moscow
7th Russia & CIS Summit on ANTI-CORRUPTION March 24-25, 2015 Ararat Park Hyatt Moscow, Moscow WEBSITE BROCHURE SPEAKERS WORKSHOPS REGISTER This highly-rated 7th Russia and CIS Summit on Anti-Corruption offers unparalleled benchmarking and networking opportunities, progressive insights from a faculty of… Continue Reading
Sberbank: ‘New economic model’ developed in Russia, growth likely to resume in 2016
By Andrei Skvarsky. Sberbank, Russia’s biggest lender, this week came up with an unusually upbeat economic forecast, arguing that the Russian economy has adjusted to the low oil price and is likely to resume growth in 2016. Continue Reading
MNI Indicators: Russian companies slightly more upbeat but overall sentiment negative
By Andrei Skvarsky. A survey by the Deutsche Boerse group’s intelligence company MNI Indicators suggests there has been slightly more business optimism among Russian companies this month than in December, but that their overall sentiment has remained negative because of the Ukraine-related Western sanctions, low oil prices and the depreciating ruble. Continue Reading
Apple, Valve join ranks of boycotters of Crimea – tech magazine
Technology giant Apple and video game developer Valve have joined the ranks of US companies that have severed their ties with Crimea in compliance with the American sanctions following Russia’s annexation of the peninsula from Ukraine last spring, according to Moscow-based magazine the East-West Digital News (EWDN). Continue Reading
Moscow Exchange to double the tick for some forex instruments
Moscow Exchange has announced it will increase the price tick for USD/RUB, EUR/RUB and GBP/RUB foreign exchange spot instruments to RUB 0.001 from today’s RUB 0.0005 with effect from February 2. Continue Reading
RenCap hires ex-HSBC researcher as frontier markets analyst
By Andrei Skvarsky. Russian investment bank Renaissance Capital has hired Seki Mutukwa, a former senior researcher at HSBC, as a frontier markets analyst. Continue Reading
Moscow Exchange reports booming securities, FX trade despite economic downturn
By Andrei Skvarsky. Moscow Exchange has reported vast increases in securities and foreign exchange (FX) trade for 2014 despite Russia’s steady movement towards recession that year. Continue Reading
Asia Frontier Capital (AFC) Newsletter – 2014 Annual Review
2014 was a strong year for the AFC Asia Frontier Fund (AAFF) as a young team came together to establish a platform for future growth. This was not only reflected in the fund’s performance, but also in our focus on making on-the-ground visits to countries, meeting more companies, talking to people in our markets, and… Continue Reading