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 EmergingMarkets.me.
He denied that Zurich operation is an offshore business. Swiss tax laws suggest Switzerland is a “highly regulated ‘onshore’” country, he said.
Nor does Third Rome believe the offshore/onshore dichotomy makes much sense for its line of business, according to Movchan, who said his company prefers what he described as “global” asset management – choosing what appears to be the most favourable jurisdiction for each investment project.
In an interview with EmergingMarkets.me, Movchan said: “Swiss legislation, environment and service landscape are ones of the most friendly in the world for high net worths. managing money out of there is more convenient than from both Russia or offshore locations.”
Movchan’s views run contrary to the spate of Swiss fund managers who are increasingly setting up in Moscow in a bid to capture additional Russian wealth.
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