By Andrei Skvarsky. AGC Equity Partners has acquired $175m interest in a major Russian generating company in what is seen as the largest-ever Middle East investment in Russia. The London-headquartered firm with a team in the Middle East is part of an international consortium that has bought a 26.43% blocking stake in Italian-controlled Enel OGK-5… Continue Reading
WERMUTH COMMENT: Putin’s challenge: falling oil prices
By Dieter Wermuth, Chief Economist, Wermuth Asset Management. As Putin has assumed office once again, dark clouds in the form of plunging oil prices and a recession in Western Europe are hanging over him. His third term as president is unlikely to benefit from a benign external environment. Investors are reminded that Russia has a… Continue Reading
GOLDMAN SACHS COMMENT: Apple, China and the Growth Markets
By Jim O’Neill, Chairman, Goldman Sachs Asset Management. This past week, I spent 3 days in the US, in New York and Chicago. The main purpose of my NY visit was to host our 2nd GSAM Growth Markets Summit, which was quite an event, with many interesting speakers, panels and a great list of clients.… Continue Reading
Will Putin 2.0 mean a return to the prosperity of the 2000s?
By Ian Pryde, founder and CEO of Eurasia Strategy & Communications in Moscow. Vladimir Putin is unlikely to deliver full-blown reform, the only way to dampen the impact of the predicted drop in oil prices on an economy heavily dependent on oil exports, Ian Pryde argues in his article, first published on the Russia Beyond… Continue Reading
GOLDMAN SACHS COMMENT: A Twist with Messrs Posen and Shirakawa
By Jim O’Neill, Goldman Sachs Asset Management. This week, I was severely tempted to pursue the analogy of comparing 2012 with 2011 and 2010, especially as it relates to most peoples persistent belief that we live in a US-dominated world. But these two gentlemen stopped me. Thanks to Adam and Masaaki . Mind you, if… Continue Reading
Renaissance promotes Merzlenko, Andrews to partners
By Andrei Skvarsky. Russia’s Renaissance Group has appointed two of its top bankers, Alexander Merzlenko and Nick Andrews, as partners. Merzlenko joined Renaissance Capital in 2000. In 2009, he was appointed as RenCap’s head of Russian investment banking and financing, and in 2011 given an additional role as Renaissance Group’s deputy CEO for Russia. He… Continue Reading
Investors should avoid Russia’s oil and gas sector – Wermuth
By Andrei Skvarsky. Russia’s oil and gas sector would be the wrong choice for an investor these days, according to Dieter Wermuth, chief economist at Wermuth Asset Management, a Russia-focused German fund manager. With global economic growth slowing down significantly, a world oil price that has quintupled since 2003 makes no sense economically and mainly… Continue Reading
EXCLUSIVE: Aubreck Leung headhunter appoints head of emerging markets research
By Andrei Skvarsky. Aubreck Leung, a London-based financial services executive search firm, has hired James Hicks, previously an employee at Russia’s Trust Investment bank, as head of emerging markets research, the British firm’s managing partner Joseph Leung told EmergingMarkets.me. Hicks was based both in Moscow and in London when working for Trust. “We are delighted… Continue Reading
Troika Dialog boosts investment banking team with two senior appointments
Troika Dialog today announces the appointments of Dirk Werner and Angelo Morganti as Managing Directors of the Investment Banking Division. Dirk Werner brings 22 years of global M&A experience to Troika Dialog. He has been a senior banker with leading international banks including Bank of America Merrill Lynch, Morgan Stanley and Lehman Brothers. At Bank… Continue Reading
VTB Capital makes new hires in Middle East and Africa
In line with VTB Capital’s global expansion strategy, James Williams, Head of Middle East Equity Trading, Nick Bye, Middle East Equity Structuring, Karim Nsouli, Head of Middle East Cash Equity Sales & Sales Trading, Ali Salam, Head of Strategic Equity Distribution – Middle East and Ziad Al Amin, Head of Multi Product Origination and Distribution… Continue Reading
Renaissance Asset Management appoints Chief Executive and Chief Investment Officers
Renaissance Asset Managers (RAM), the specialist asset manager focused on emerging Europe, Russia and Africa, has appointed Barbara Rupf Bee as CEO. Rupf Bee will lead RAM’s strategy in emerging and frontier markets, overseeing 30 investment professionals and assets under management of $2.8bn. RAM also announced that Plamen Monovski has been named President, in addition… Continue Reading
VTB Capital announces management changes in its Investment Management business
Dmitry Ivanter has been appointed as the Chairman of VTB Capital Investment Management Executive Committee. The Committee is tasked with the strategic and operational governance of VTB Capital’s Investment Management business, one of the three main arms of VTB Capital’s business. The VTB Capital Investment Management Executive Committee consists of a Chairman, Global Head of… Continue Reading
Sberbank of Russia and Troika Dialog Announce the Closure of their Deal to Create the Largest Universal Banking Institution in Russia
Sberbank of Russia and Troika Dialog announce the closure of the deal to merge the two companies. This landmark event signals the creation of the largest universal banking institution in Russia. The integration of Troika Dialog will enable Sberbank to reach a new level of client service through high-quality financial consultation and a broad choice… Continue Reading
GOLDMAN COMMENT: Europe Needs Growth, not More Austerity
Jim O’Neill, Chairman, Goldman Sachs Asset Management Late Friday, the S&P finally followed through with their early December 2011 threat and downgraded a number of European countries’ credit rating, including Austria and France, who lost their AAA status. This threat had been hanging over the markets ever since the last EU Summit and, at least… Continue Reading
VTB Capital appoints CEO for Middle-East and Africa
Makram Abboud has been appointed as CEO Middle East & Africa and Co-Head of the International Multi-Product Origination and Distribution group for VTB Capital plc. In both these roles, Makram will be responsible for the development and implementation of VTB Capital’s International Client Franchise strategy internationally and in MENA, where VTB Capital’s goal is to… Continue Reading
VTB Capital announces key appointment in Fixed Income
Philip Hamilton has been appointed Head of VTB Capital’s Global Fixed Income Flow Sales Group. The Group was formed following the strategic realignment and enhancement of VTB Capital’s Global Markets Sales & Origination structure. Philip will be responsible for managing and growing VTB Capital Fixed Income flow distribution franchise with Russian and international clients. Over… Continue Reading
Troika Dialog Boosts Investment Banking Offering with New Head of FICC Division
Troika Dialog today announces the appointment of Maxim Safonov as Head of Fixed Income, Currencies and Commodities Division. Maxim will join Troika Dialog on January 10, 2012 and reports to Rob Leith, Global Head of Investment Banking and Global Markets. Maxim brings over fifteen years of experience in investment banking, specialising in Russian capital markets,… Continue Reading
Ovanes Oganisian to Join Troika Dialog as Strategist
Troika Dialog announced the appointment of Ovanes Oganisian as Strategist. In his new position, Ovanes will work closely with Chief Strategist Chris Weafer to provide insightful analysis for Troika Dialog’s client base on what promises to be another fascinating period for Russian and CIS equities. Ovanes comes to Troika Dialog with over 15 years of… Continue Reading
GOLDMAN COMMENT: A New Year Ray of Hope?
By Jim O’Neill, Chairman, Goldman Sachs Asset Management Sticking with my theme of trying to be pragmatic, the first week of 2012 closed with, on the one hand, a few highly interesting developments, and on the other hand, a sense of 2011 déjà vu, especially as it relates to Europe. Following the tone of my… Continue Reading
VTB Capital Appoints CEO For Asia
Damian Chunilal has been appointed as CEO Asia for VTB Capital and will be based in Hong Kong and oversee the strategic development and further acceleration of the company’s expansion in financial markets across Asia. Mr. Chunilal will report to Atanas Bostandjiev, CEO, UK and International for VTB Capital. Damian Chunilal has more than 20… Continue Reading
Houlihan Lokey is expanding its M&A team
Steven Tishman has joined Houlihan Lokey as Global Head of M&A. Previously Steven was co-head of U.S. M&A at Rothschild. Houlihan Lokey, one of the largest global private investment banks is currently taking steps to actively expand its services in Eastern Europe and the CIS. It currently covers these regions from European offices and have already completed several high-profile mandates in Russia, Kazakhstan and Eastern… Continue Reading
Some BRICs Built But More Still Needed
Jim O’Neill, Chairman, Goldman Sachs Asset Management Tomorrow, Wednesday, November 30 is the tenth anniversary of when I first mentioned the BRIC acronym when I published GS Global Economics Paper No: 66, “Building Better Global Economic BRICs.” As I am sure a number of readers now know, I am publishing a book to celebrate the… Continue Reading
COMMENT: Medvedev raises spectre of new cold war as popularity fades
By Eugene Kasevin. Russian President Dmitry Medvedev has kicked off his own little Cold War just in time for the upcoming parliamentary elections. The move will be widely perceived as rhetorical shot across the bows of the US administration which is planning to build a missile-defense system in Europe. It also serves a rallying cry… Continue Reading
Charlie Ryan seals his reputation as Russia's most successful banker
By Andrei Skvarsky. UFG founder Charlie Ryan has sealed his reputation as the most successful foreign banker in Russia ever by clinching a deal which nets him a fourth payout from Deutsche Bank. The American banker, who oversaw Deutsche Bank’s Russian operation from 2005 to 2010, is selling Deutsche the remaining 60% stake in UFG’s… Continue Reading
RENCAP COMMENT: Time for a Bolder Central Bank of Russia
By Ivan Tcharkarov, Chief Economist for Russia and the CIS at Renaissance Capital. The Central Bank of Russia (CBR) needs to cut rates to support economic growth. We have been very complimentary about the CBR’s newly adopted policy stance to allow more exchange rate flexibility, in an attempt to help cushion the economy from external shocks… Continue Reading
VTB to heavily benefit from Sechin’s privatisation initiative
By Andrei Skvarsky. State-owned bank VTB would benefit seriously during its planned partial privatisation from a share pricing measure proposed by Deputy Prime Minister Igor Sechin, Renaissance Capital analysts argue. Sechin last week proposed an amendment to the 2011-2013 privatisation programme to ensure that the starting price of a state company in any privatisation deal should not be lower… Continue Reading
WEAFER COMMENT: Investment Dichotomy
By Chris Weager, Chief Strategist at Troika Dialog. “Never permit a dichotomy to rule your life” Pablo Picasso A right mess. The dominant issues affecting all global markets this week will again be the ongoing efforts to contain the euro zone debt crisis and news that the US Congress has failed to agree measures to… Continue Reading
RenCap boosts presence in Turkey by taking over Istanbul broker
By Andrei Skvarsky. Renaissance Capital has clinched a deal to buy out Istanbul-based brokerage Mira Menkul Degerler in building up its presence in Turkey. Burak Akbulut, who has been in charge of RenCap’s business in Turkey, has been appointed as acting chief executive of the emergent Renaissance Capital Turkey, the Russian firm said… Continue Reading
Sberbank becomes Europe's 3rd biggest lender
Russia’s state lender Sberbank has become the third largest bank in Europe in terms of market capitalization. With a market cap of almost $60bn from November 14, the 170-year-old behemoth outranks France’s BNP Paribas, Switzerland’s UBS, Germany’s Deutsche Bank and Britain’s Barklays and Royal Bank of Scotland. Sberbank’s strategic goal by 2014 is to enter the… Continue Reading