PIO Global Asset Management General Director Andri Uspensky is getting ready to head its director competitor.
Photo:
| Other Photos |
 |
|
 |
Fleming to Manage Assets in Russia
A new big player will soon emerge on Russia’s market of asset management. Britain’s Fleming Family & Partners sets up its own asset management company here and the experts predict that Societe Generale, BNP Paribas and Morgan Stanley will follow the example in the near term.
Britain’s Fleming Family & Partners has announced the launch of its asset management company in Russia. PIO Global Asset Management CEO Andrei Uspensky will be in charge of the project. They are preparing documents for registration with Federal Financial Markets Service, so that the company could be set into motion in the fall. Uspensky will remain the chief of PIO Global Asset Management until that time.
Owned by the Flemings, Fleming Family & Partners has been represented in Russia since 1992. It staged its first arrival on the local market of asset management in 1998, when it set up Fleming-GUTA Co. with GUTA-Bank and the venture registered an open unit investment fund in the next effort. But that fund was never established because of financial collapse in Russia, and Fleming dropped the expansion plans for a while, restricting its business here to direct investments.
The new company will operate not only in Russia but also in CIS, Uspensky promised, specifying that they will be registering open funds as well but the project is primarily targeted at asset management and private banking.
According to UFG Asset Management CEO Andrei Podoinitsyn, “our market has attained certain maturity and its resources and infrastructure suffice for efficient work.” The country’s market of asset management widened by 59 percent in 2007 and the growth rates will survive this year, forecasted Alfa Capital Management Co. CEO Mikhail Khabarov.
www.kommersant.com
All the Article in Russian as of May 16, 2008
|
|
|
