Fund Flows: Sentiment is Finely (Dangerously) Balanced

By Chris Weafer, Chief Strategist at UralSib Capital Waiting for clarity. Fund investors appear to have taken a sanguine view of global market volatility over the past week. They have remained largely on the sidelines while waiting for a clearer picture to emerge. According to the data supplied by EPFR Global, in the week ended… Continue Reading

Troika Dialog: the best investment bank in Russia ?

By Ivan Anderzhanov Troika Dialog has been awarded the gong of best investment bank in Russia in the recent Global Finance awards. In a statement, Troika said it currently leads Russian debt capital market league tables in terms of volume, number of issues and market share. Last we checked, VTB Capital may have had some… Continue Reading

Exclusive: VTB hires Jaeckel as deputy head of quant research

By Andrei Skvarsky Russia’s VTB Capital bank has recently hired Peter Jaeckel as deputy head of quantitative research at its London office. Jaeckel combines the job with the position as managing director of OTC Analytics, a British-based financial derivatives analysis company he has founded after a four-year stint as a senior analyst with ABN AMRO.… Continue Reading

BofA Merrill Lynch boost EMEA research with three hires

By Marcus Williams BofA Merrill Lynch  has beefed up its EMEA research platform with three hires as part of a new EMEA economics and fixed income strategy group. Arko Sen joins the group with seven years of experience in emerging EMEA fixed income strategy, most recently at Barclays Capital, along with Jean-Michel  Saliba who has… Continue Reading

COMMENT: Government mulls protectionist moves to protect industries from ruble strength

By Vladimir Osakovsky, Head of Macroeconomic Analysis and Research at Unicredit Securities Russian First Deputy Prime Minister Igor Shuvalov said that the Russian government might raise import tariffs and subsidize industries to keep Russian industry competitive, Bloomberg reports. He said that the ruble is likely to appreciate over the next several years and the government… Continue Reading

Fleming hires Troika Dialog duo in expansion

By Andrei Skvarsky London-based asset management company Fleming Family & Partners (FF&P) has hired two former managers for Troika Dialog and one from Trust Bank in an expansion of its Russian business. Alexander Yakubov, previously chief equity market analyst at Russian investment bank Trust, was appointed a managing director and strategist at the Moscow-based subsidiary,… Continue Reading

VTB to advertise on the BBC

By Ivan Anderzhanov In a further sign of a thawing in Anglo-Russo relations, VTB Capital is to sponsor a major series looking at Russian business to be shown on the venerable British Broadcasting Corporation (BBC). The series, which will begin transmitting this month, will focus on business across Russia, examining  people, companies and products. VTB… Continue Reading

COMMENT: What happens with Russian market in May & June 2010 ?

By Mark Rubinstein, Deputy Head of Research at IFC Metropol Traditionally, May and June are not the strongest months for the Russian market. In the past four years, only once, in 2008, the market was able to demonstrate growth over this period. But I think that this year will be an “exception” again, and the… Continue Reading

BoFA Merill Lynch hires Nomura's Meissner as EMEA head

Bank of America Merrill Lynch has lured investment banking rainmaker Christian Meissner from Nomura. Meissner will report to Michael Rubinoff and Purna Saggurti, co-heads of global investment banking, and drive the growth of the investment banking  franchise across EMEA, according to a statement today. He will sit on the global corporate & investment banking operating… Continue Reading

RBC offers emerging markets fund “beyond the BRIC”

By Ivan Anderzhanov RBC Asset Management is making its emerging markets fund available to Canadian investors seeking returns “beyond” the emerging BRIC rainbow of economies. Doug Coulter, president of RBC Asset Management, claimed the fund provides investors with a “low-fee emerging market investment” of companies broadly diversified “beyond the typical offerings of Brazil, Russia, India… Continue Reading

EXCLUSIVE: Two senior bankers leave JP Morgan to join state-backed advisory boutique

By Ivan Anderzhanov Two senior bankers quit Wall Street bank JP Morgan in Moscow last week and are believed to be joining  an  invesment boutique focused on advising  the state in the acquisition of domestic  and foreign energy assets. understands that Stanislav Song, one of the most reputable M&A bankers in Russia, and Hamid… Continue Reading

Investors ready to jump on the Russia sovereign Eurobond wagon

By Andrei Skvarsky Russian finance officials are meeting investors in London and Singapore today to market Russia’s first sovereign Eurobond issue since 1998, with analysts saying there is a high appetite for the issue as the risk of a Russian default on loans is at an all-time low. Natalia Orlova, chief economist at Russia’s Alfa… Continue Reading

Troika hires fund management head from Renaissance

By Ivan Anderzhanov Troika Dialog has hired Anton Rakhmanov to run its asset management business less than three months after its founder Pavel Teplukhin quit the Moscow group. Rakhmanov, who will oversee the Troika Dialog Asset Management., joins in May. He has 15 years experience and has been hired from rival Renaissance Investment Management, where… Continue Reading

EXCLUSIVE: Switzerland best place for managing Russian wealth – Third Rome

By Andrei Skvarsky Third Rome, a Moscow asset manager set up by personnel from Renaissance Group, believe Switzerland remains the best place to manage Russian wealth. Managing money for high-net-worth Russians from Switzerland is more convenient than from either Russia or any offshore location, Third Rome chief executive Andrei Movchan told He denied that… Continue Reading

Inflows into Russian funds/ETFs continue for the eighth straight week

Vladimir Kuznetsov, Equity Analyst from Unicredit Securities Inflows into Russia-dedicated funds and ETFs continued for the eighth straight week  in the week to 7 April and reached USD 1.48bn YTD, EPFR data shows. The recent week’s inflow totaled USD 116mn and was completely provided by equity funds,  as ETFs showed a slight outflow of USD… Continue Reading

Gazprom selects Gazprombank and Rencap for $10bn bond sale

By Ivan Anderzhanov Russian gas giant Gazprom has mandated Gazprombank and Renaissance Capital to arrange a 300 billion roubles ($10.24bn)in bonds. Rouble bonds have become popular on the local fixed-income market following the rapid rise of the ruble and as commodity prices have rallied. . Gazprom plans to raise the sum in 13 issues over… Continue Reading

Ex-Renaissance and Alfa managers to set up $1bn fund

By Andrei Skvarsky Former managers at Renaissance Group and Alfa Group plan to set up a new $1bn private equity fund to invest in Russian companies. The new fund to be run by Elbrus Capital will incorporate funds acquired from Renaissance Partners, the Renaissance Group subsidiary, according to a report in RBC Daily. Elbrus plans… Continue Reading

VTB Capital names Alexey Zabotkin as investment strategy head

Russian investment bank VTB Capital has named Alexey Zabotkin as its new head of investment strategy. He joins the bank from VTB Asset Management, where he had been chief investment officer and deputy chief executive since September 2009. In 2008-09, he was chief investment officer with United Capital Partners, a Moscow-based investment boutique. For the… Continue Reading

Rencap eyes brokerages acquisitions in Africa

By Marcus Williams Renaissance Capital, the fast growing emerging markets investment bank, is eyeing deals to buys brokerages in “five or six” African countries. Speaking to the Financial Times, its bullish founder Stephen Jennings said the group expected to close deals within the next few months. Rencap is expanding at breakneck speed 18 months after… Continue Reading

Russia's Interior Ministry seeks the arrest of Hermitage Capital partner Ivan Cherkesov

By Ivan Anderzhanov Russia’s interior is seeking the arrest of Hermitage Capital partner Ivan Cherkesov just four months after the death of the firm’s lawyer Sergei Magnitsky in custody. The London-based hedge fund firm claimed the same police officer, whose investigation led to the scandalous death of Magnitsky, is responsible for the case. “Major Silchenko… Continue Reading

Rencap steppes into Mongolia with two tie-ups

By Ivan Anderzhanov in Moscow Emerging markets investment bank Renaissance Capital has agreed on alliances with two investment firms in the Central Asian frontier of Mongolia. The bank has signed deals with International Capital Corporation (MICC) and Monet following its recent joint venture agreements in Serbia, India and openings in South Africa and Belarus. In… Continue Reading

Raiffeisen pushes ahead with RZB in spite of fears for shareholders

By Ivan Anderzhanov Management at Raiffeisen International‘s are pushing ahead with a merger with its unlisted Austrian parent RZB despite concern that minority shareholders may lose out in the deal. The bank said they were intensively pursuing a merger, which would be put to shareholders at annual general meetings in July. Analysts have said shareholders,… Continue Reading

Moscow recruiter Antal hires former Rencap recruitment head

By Andrei Skvarsky Russian recruitment firm Antal has hired Karl Franzmann, a former director of recruitment at Renaissance Capital, the Moscow-based emerging markets bank. Franzmann, whose tenure at Renaissance Capital coincided with the bank’s initial rapid expansion into sub-Saharan Africa and other developing markets, has over ten years of experience in executive recruitment and executive… Continue Reading

Societe Generale merges Rosbank with BSGV in Russia

By Marcus Williams Societe Generale, France’s second largest bank, and its partner Interros today announced they are combining their banking operations in Russia. Rosbank and BSGV, will be merged into a single unit but still retain two separate brands. The new entity will have the specialised mortgage and consumer lending companies Rusfinance and Delta Credit… Continue Reading

COMMENT: Kazakhstani non-performing loans continue to decline

By Rustam Botashev, Equity Analyst at UniCredit Securities Kazakhstan’s Financial Supervisory Agency (FSA) published preliminary banking statistics for 2009. Our view: The banking sector’s losses for the year totalled KZT 2,837bn ($19.1bn), or KZT 127bn ($0.9bn) excluding the two defaulted banks (BTA Bank and Alliance Bank). Retail loans declined by 4.8% yoy and corporate loans… Continue Reading