Monday, 22 October 2007

Troika plans shake-up of business lines

Financial News

Jason Corcoran in Moscow

22 October 2007

Russian broker Troika Dialog is shaking up its business following the departure of its head of investment banking, Dmitry Kushaev.

Troika’s head of capital markets Jacques Der Megreditchian has taken over from Kushaev, who left the bank without a new job.

A Troika source said: “Dmitry has packed up and gone. We don’t know what his plans are.”

Der Megreditchian joined Troika in 2000, having been in charge of capital markets and investment banking at French bank Société Générale in Moscow.

Troika, which rejected takeover approaches from JP Morgan and Credit Suisse last year, is tweaking its business lines to compete better with global banks operating in Moscow.

Managing director Andrei Sharonov, former Russian Deputy Economic Minister, is setting up a division to deal with large companies while a separate team will tackle new generation firms. Troika’s successful asset management operation is turning its focus to the mass-affluent segment.

The bank has also hired Philippe Rakotovao from Italian bond trading platform MTS as head of its international network to coordinate development of its offices in New York, London, Kiev, Cyprus and Kazakhstan.

Yuri Nechuyatov, who joins from accountancy Ernst & Young, has replaced Sanya Zezulin as chief financial officer and chief operating officer.

The bank, headed by Ruben Vardanian, who controls 65%, last month bought Armenian investment bank Armimpexbank and is in talks to buy the brokerage services arm of Russian bank VTB.

Troika this year shelved plans for a listing until after Russia’s presidential elections next year, having hired Goldman Sachs to look into a flotation.

Moscow market sources in Moscow said Troika was performing well in debt capital markets but its Russian rival Renaissance Capital had stolen a march in mergers and acquisitions, and equity capital markets.

A Troika source said: “I think we are there or thereabouts on ECM too but we are not projecting ourselves as well as Rencap.”

Data providers Dealogic and Thomson Financial placed Troika seventh and ninth, respectively, for M&A deals in the first half of the year.

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