Russia senior police officer linked to Magnitsky case sacked

December 16, 2009

By Ivan Anderzhanov
A police general linked to the case of British hedge fund Hermitage lawyer Sergei Magnitsky, who died in jail last month, has been sacked, according to a Russian presidential decree
Magnitsky, who was awaiting trial on tax evasion charges, died last month in prison after nearly a year of incarceration. The Russian Prosecutor General’s office said [...]

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Hedge Argentina

December 15, 2009

While the majority of hedge funds in the region have their operations located in the Brazilian cities of Sao Paulo or Rio de Janeiro, Argentina, despite the political and economic uncertainty that continues to affect the country, has attracted its share of funds as well. Almost all funds located in the country are headquartered in [...]

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Reborn again Renaissance to hire 200-300 bankers

December 14, 2009

By Ivan Andezhanov in Moscow
Russian investment bank Renaissance Capital plans to hire between 200-300 people over the next 12 months by tapping bankers exiled from London by a tax on bonuses.
Roland Nash, Rencap’s  head of research, said a new super-tax  on bonuses would be make it easier to lure the the Square Mile’s best talent [...]

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Russia’s first IPO of the year raises $4.8m

December 11, 2009

By Marcus Williams
Russian biotechnology company Human Stem Cell Institute (HSCI) yesterday sold 20% of its shares in an initial public offering (IPO) raising 143.5 million rubles ($4.8m) on the Micex exchange in Moscow.
HSCI sold 15 million additional shares at 9.5 rubles per share on the MICEX’s new sector for innovation and growth companies. Russia’s first [...]

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Hagmann joins Nomura in senior EMEA research role

December 10, 2009

By Ivan Anderzhanov
Japanese investment bank Nomura today announced that Michael Hagmann is joining the firm as a managing director in January to head capital goods, aerospace and defence equity research for EMEA.
Hagmann returns to the sell-side after leaving Swiss bank UBS in 2007 when he became a partner in the industrials boutique, H2W.
“Michael Hagmann is [...]

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Renaissance opens rep office Belarus before state sell-off

December 10, 2009

By Marcus Williams
Russian investment bank Renaissance Capital today announced it was opening a representative office in Belarus in anticipation of a state-sponsored sell-off of assets by the former Soviet state.
The office will be led by Sergey Levin, who joins the firm as chairman of Renaissance Capital in Belarus, and will be based in Minsk. The [...]

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VEB signs a trade deal with Bank of Tokyo-Mitsubishi

December 9, 2009

By Marcus Williams
Russian state development bank Vnesheconombank (VEB) has signed a partnership agreement with the Bank of Tokyo-Mitsubishi UFJ, Japan’s largest bank, to stimulate trade between  the two countries.
The banks plan to develop their partnership in the support of exports and investment projects in Russia.
Under the agreement,  the two institutions plan to promote cooperation in [...]

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Rencap advise on trio of M&As deals as capital markets warm up

December 8, 2009

By Ivan Anderzhanov in Moscow
Investment bank Renaissance Capital has advised clients on three M&A deals in the space of  a week as green shoots of deal-making appear in Russia.
Rencap last week acted as exclusive advisor to Swedish-listed Malka Oil which sold its main production assets in Tomsk to GazpromNeft for $118m.
Bankers from Rencap and Canaccord [...]

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Key investment themes for 2009 and outlook for 2010

December 7, 2009

Jerome Booth, Head of Research at Ashmore Investment Management comments on the global backdrop for emerging markets over the past year and forecasts an encouraging future for EM asset classes.
Reviewing some of the key themes in 2009:
· Whilst there was global disruption to cross-border finance, the main negative impact on selected emerging countries has been [...]

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Goldman goes long (and late) on Russian equities

December 4, 2009

By Marcus Williams
Research strategists at Goldman Sachs are going long on Russian equities in 2010 on the basis that the country’s growth rate will rebound sharply.
Goldman is forecasting that real GDP will rebound to +4.5% in 2010 and accelerate later in the year after a steep 9.5% decline this year.
Compared with other developed and emerging [...]

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VTB bank takes control of Sistema Hals for just 30 roubles

December 3, 2009

By Marcus Williams
State-controlled VTB Bank has exercised a call option to acquire 31.5 % of property developer Sistema-Hals from the diversified conglomerate group Sistema for a symbolic price of just 30 roubles.
Sistema-Hals and its parent have been heavily indebted to VTB, and agreed earlier this year to give VTB a 19.5% stake and a call [...]

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Former Deutsche wealth head surfaces at Third Rome

December 3, 2009

By Ivan Anderzhanov in Moscow
Claus Korner, former head of Deutsche Bank Private Wealth Management in Moscow,  has resurfaced at Third Rome.
Korner, who built Deutsche’s  wealth business from scratch in Moscow to $1.5bn in assets under management, has joined Andrei Movchan’s fast-growing team at Third Rome as a partner.
A veteran of Russia and Eastern [...]

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