Financial News
Jason Corcoran in Moscow and Dawn Cowie
21 July 2008
Russian bank Troika Dialog has made hires for its private banking and derivatives sections as it forecasts revenue growth of 35% for its global business in as little as three years.
Troika has recruited Renaissance Investment Management’s head of wealth management Alexey Ischenko as part of big push in private banking.
Pavel Teplukhin, Troika president and chief executive of its asset management arm, said: “Business is booming. We plan to expand our 20-strong private banking sales team by a factor of 10 within four years.”
Troika manages in excess of $10bn (€6.3bn) in institutional, retail and government funds, while rival Russian bank Renaissance manages $6.5bn mainly for high net worth individuals and has recently lost five of its senior fund management executives. Renaissance said it was formulating a strategy to double assets to $12bn next year by focusing on large mandates from corporate accounts.
Troika has also hired Douglass Welch from Citigroup as head of equity derivative sales and will focus on plain vanilla futures and options products.
Jacques Der Megreditchian, head of investment banking and global markets at Troika, expects this market to grow as products such as futures on government debt and commodity futures are introduced. He said Troika has a 15% to 20% share of the Russian futures and options market.
Showing posts with label Pavel Teplukhin. Show all posts
Showing posts with label Pavel Teplukhin. Show all posts
Tuesday, 22 July 2008
Tuesday, 18 March 2008
Sberbank to team up with Troika
Financial News
Jason Corcoran in Moscow
04 March 2008
Russia's biggest lender, Sberbank, is to sign an agreement to distribute mutual funds for Troika Dialog which could lead to greater co-operation between the two banks.
German Gref, the new chief executive of State-controlled Sberbank, said last month it was considering moving into investment banking, but no decision has yet been made on whether it will be developed internally or via acquisition.
Troika, a privately-owned investment bank, has previously rejected takeover approaches from JP Morgan and Credit Suisse.
Having hired Goldman Sachs to look into a flotation, Troika last year shelved plans for a listing until after Russia's presidential elections, which took place this weekend.
Pavel Teplukin, one of the founders of Troika and the head of its asset management unit, said the third-party distribution deal with Sberbank could lead to further co-operation.
He said: "We are trying to explore various avenues for our co-operation with Sberbank after the change in its management. Sberbank is one of the largest banks in the world and we have plenty of ideas."
Troika has over $5bn (€3.3bn) in funds under management but only $500m of that is from retail funds, known in Russia as public investment funds (PIFs).
Teplukin said the bank wanted to grow its mutual fund business to $7bn by 2012.
State-controlled Sberbank raised $8.8bn in May last year on the domestic market to recapitalise its balance sheet and finance lending growth.
The bank, which delayed a $1.5bn London share offering until the third quarter, has been overhauling its senior management team following the appointment of former economy minister Gref as chief executive late last year.
Anton Karamzin recently joined Sberbank from Morgan Stanley's Russian office as chief finance officer and deputy chairman.
Jason Corcoran in Moscow
04 March 2008
Russia's biggest lender, Sberbank, is to sign an agreement to distribute mutual funds for Troika Dialog which could lead to greater co-operation between the two banks.
German Gref, the new chief executive of State-controlled Sberbank, said last month it was considering moving into investment banking, but no decision has yet been made on whether it will be developed internally or via acquisition.
Troika, a privately-owned investment bank, has previously rejected takeover approaches from JP Morgan and Credit Suisse.
Having hired Goldman Sachs to look into a flotation, Troika last year shelved plans for a listing until after Russia's presidential elections, which took place this weekend.
Pavel Teplukin, one of the founders of Troika and the head of its asset management unit, said the third-party distribution deal with Sberbank could lead to further co-operation.
He said: "We are trying to explore various avenues for our co-operation with Sberbank after the change in its management. Sberbank is one of the largest banks in the world and we have plenty of ideas."
Troika has over $5bn (€3.3bn) in funds under management but only $500m of that is from retail funds, known in Russia as public investment funds (PIFs).
Teplukin said the bank wanted to grow its mutual fund business to $7bn by 2012.
State-controlled Sberbank raised $8.8bn in May last year on the domestic market to recapitalise its balance sheet and finance lending growth.
The bank, which delayed a $1.5bn London share offering until the third quarter, has been overhauling its senior management team following the appointment of former economy minister Gref as chief executive late last year.
Anton Karamzin recently joined Sberbank from Morgan Stanley's Russian office as chief finance officer and deputy chairman.
Monday, 11 February 2008
Branson’s space race targets Troika clients
Financial News
Jason Corcoran in Moscow
11 February 2008
The strength of Troika Dialog Asset Management chairman Pavel Teplukhin’s client list has attracted the interest of a string of global entrepreneurs keen to do business with him, including Virgin Group chairman Sir Richard Branson.
The asset manager, the funds arm of the Russian investment bank Troika Dialog, which Teplukhin helped to establish, deals exclusively with Russia’s high net worth clients. Branson approached him at a Russian conference last month, seeking to lure them on to his Virgin Galactic space tourism programme.
Branson said: “I think we should meet and talk business. We have already signed up the first 100 passengers but Russia could be a great market for us.”
Teplukhin, one of the founders of Troika and president of asset management since 1991, can vouch for his clients’ wealth but not their love of space travel.
He said: “If you look at the Forbes rich list, I can tell you that 30% of the names are my clients. We only deal in the seriously rich. My revenues are more than the largest private bank in Monaco.”
The Russian edition of US magazine Forbes runs a special issue every year featuring Russia’s leading millionaires.
Troika’s asset management arm runs a full range of investment products, including sector funds, real estate investment trusts and hedge funds. It markets them to upper middle-class investors, whose portfolios average $25,000 (€17,063) and wealthy clients with average portfolios of $1.5m.
Overall funds under management stand at $5bn, although Teplukhin prefers to measure his business in terms of the fees it brings in. He said: “We earn higher fees than the other banks by focusing on higher margin business. We don’t count money deposits because it’s a low-margin business and we don’t do custody, which is outsourced to UBS at the cost of about three basis points.”
Teplukhin declined to say how much he charges clients, but industry sources suggested it was about three percentage points.
Teplukhin welcomed the arrival of wealth management banks UBS and Credit Suisse to Moscow, but added they would have to build brand awareness from scratch.
Both Swiss banks have set up onshore wealth management operations in Moscow in the past year to compete with Russian banks and Germany’s Deutsche Bank, which has £1bn (€1.3bn) in funds under management.
Teplukhin said investment houses were not willing to pay asset managers enough money. He said: “Talent is not that deep and juniors here with three to four years experience expect a seven-figure salary. There are one million millionaires in Russia and only 3,000 of those use private banking services."
Jason Corcoran in Moscow
11 February 2008
The strength of Troika Dialog Asset Management chairman Pavel Teplukhin’s client list has attracted the interest of a string of global entrepreneurs keen to do business with him, including Virgin Group chairman Sir Richard Branson.
The asset manager, the funds arm of the Russian investment bank Troika Dialog, which Teplukhin helped to establish, deals exclusively with Russia’s high net worth clients. Branson approached him at a Russian conference last month, seeking to lure them on to his Virgin Galactic space tourism programme.
Branson said: “I think we should meet and talk business. We have already signed up the first 100 passengers but Russia could be a great market for us.”
Teplukhin, one of the founders of Troika and president of asset management since 1991, can vouch for his clients’ wealth but not their love of space travel.
He said: “If you look at the Forbes rich list, I can tell you that 30% of the names are my clients. We only deal in the seriously rich. My revenues are more than the largest private bank in Monaco.”
The Russian edition of US magazine Forbes runs a special issue every year featuring Russia’s leading millionaires.
Troika’s asset management arm runs a full range of investment products, including sector funds, real estate investment trusts and hedge funds. It markets them to upper middle-class investors, whose portfolios average $25,000 (€17,063) and wealthy clients with average portfolios of $1.5m.
Overall funds under management stand at $5bn, although Teplukhin prefers to measure his business in terms of the fees it brings in. He said: “We earn higher fees than the other banks by focusing on higher margin business. We don’t count money deposits because it’s a low-margin business and we don’t do custody, which is outsourced to UBS at the cost of about three basis points.”
Teplukhin declined to say how much he charges clients, but industry sources suggested it was about three percentage points.
Teplukhin welcomed the arrival of wealth management banks UBS and Credit Suisse to Moscow, but added they would have to build brand awareness from scratch.
Both Swiss banks have set up onshore wealth management operations in Moscow in the past year to compete with Russian banks and Germany’s Deutsche Bank, which has £1bn (€1.3bn) in funds under management.
Teplukhin said investment houses were not willing to pay asset managers enough money. He said: “Talent is not that deep and juniors here with three to four years experience expect a seven-figure salary. There are one million millionaires in Russia and only 3,000 of those use private banking services."
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