Sunday, 17 May 2009

Ryan scales back Deutsche duties for VC firm

Financial News

Jason Corcoran in Moscow

05 May 2009

Charlie Ryan, one of the highest profile bankers in Moscow, has scaled back his duties as chairman of Deutsche Bank Russia after joining a new venture capital firm Almaz.

Ryan, who founded one of Russia’s first investment banks, UFG, in 1994, has been focusing on managing private equity since stepping down last year as country head and chief executive of Deutsche Bank in Russia. Ryan had stayed on as non executive chairman following the arrival of Igor Lojevsky in August last year to replace him.

Deutsche Bank said Ryan continued to hold the position as non executive chairman despite his commitments to Almaz and UFG Asset Management.

Almaz, which has offices in Moscow and Silicon Valley, is backed by technology group Cisco Systems and UFG Asset Management, which Ryan co-founded with Boris Fedorov in 1996.

Almaz, which raised a $60m fund with Cisco as the anchor investor, had made its first two investments in an internet telephony firm Apollo Project and computer software provider Parallels. Ryan is a partner and works in its five-member investment team.

A Deutsche Bank insider said Ryan commutes from Philadelphia in the US and concentrates on UFG’s private equity and venture capital investments. Ryan remains a chairman at UFG, which has about $1bn (€750m) in assets under management.

In 1998, UFG sponsored an early-stage technology investment company called ru-Net Holdings, which invested in Yandex, Russia’s leading search engine and Ozon, the Amazon.com of Russia.

Ryan is believed to have made the biggest personal fortune of any foreign banker in Russia. He masterminded the 40% sale of UFG investment bank for $70m to Deutsche in 2004, and the remaining 60% for a reported $600m in 2006. Last year, Ryan and Fedorov collected about $65m following the sale of a 40% stake in UFG Asset Management to Deutsche.

Ryan told Financial News two years ago that his role of integrating the Russian economy with the west was “God’s work”.

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