Who Are Russia's Top Money Managers: The Russia 20

这些应该是莫斯科的资产管理人员的美好时光。毕竟，富裕的俄罗斯人口袋再次膨胀。莫斯科在今年的福布斯杂志排名的最多亿万富翁恢复了城市的冠冕，纽约边缘，79岁。

The surge in wealth reflects a vigorous economic recovery from the 2008–’09 financial crisis. Growth is running at a healthy 4 percent, stoked by Brent oil prices that have remained above $100 a barrel even as the global economy has slowed. Privately administered pension funds are growing rapidly in Russia, promising the formation of a much-needed institutional capital base. Stocks and bonds are increasingly attractive to retail investors as bank deposit rates lag well behind inflation.

For now, though, those positive factors offer more potential than actual benefit to local fund managers. Oligarchs and the merely wealthy are managing their money through Western-based family offices or entrusting it to European private banks, engaging in what Russian financiers euphemistically call “geographical diversification.”

Ordinary savers, meanwhile, remain scarred by a number of violent market swings since the country’s mutual fund industry was born in the privatization wave of the mid-1990s. The stock and bond markets cratered after Russia defaulted on its debts in 1998, and it took nearly a decade of economic and market recovery to begin enticing retail investors back into funds. That tentative confidence suffered a fresh blow in 2008, when the financial crisis wiped out three quarters of the Russian Trading System’s market capitalization between May and October. The RTS index was just approaching its precrisis highs when the latest global economic jitters triggered a 30 percent correction between April and August.

据Trika对话资产管理，鉴于这种波动性，俄罗斯共同基金在资产中，俄罗斯共同基金持有煽动性的40亿美元，这是一个令人惊讶的是，与该国的150亿美元的银行存款相比，俄罗斯共同基金达到了一席之地。“俄罗斯拥有世界上最不幸的共同基金行业之一，”Troika的资产管理总监Anton Rakhmanov说。“我们已经存在了15年，并有两个危机。”

与低迷的国内球员,国际米兰national investors are edging cautiously back into Russia, spurred by the general vogue for emerging markets. This trend is evident in the俄罗斯20那亚博赞助欧冠机构投资者’s exclusive new ranking of the country’s largest money managers. Two Western-run asset managers top the list. Prosperity Capital Management, an independent firm that focuses exclusively on investments in Russia and the former Soviet Union, had $4.85 billion in Russian assets under management at the end of June. It is followed by TKB BNP Paribas Investment Partners, a joint venture between the French bank and TransCreditBank, a subsidiary of Russia’s state-owned VTB Bank. The outfit had $4.09 billion in assets.

Mattias Westman, the Swedish founding partner who runs Prosperity from London, says the firm’s investor base, traditionally dominated by European family offices and Scandinavian institutions, is becoming more diverse. Since the crisis the firm has attracted money from four sovereign wealth funds, including Norway’s deep-pocketed Government Pension Fund Global, and two U.S. pension funds, a class of investors that has typically been Russia-averse. “A lot of investors are willing to have a real look at Russia now rather than dismissing it out of hand,” Westman says.

UralSib Asset Management ranks third on the list, with $4.01 billion in assets, followed by Troika Dialog Asset Management ($3.33 billion) and Promsvyazbank ($2.41 billion), Russia’s tenth-largest bank, which is one quarter–owned by Germany’s Commerzbank and the European Bank for Reconstruction and Development.

Homegrown Russian asset managers would love to build a bridge to Western capitalists. Aton Asset Management Co., which ranks No. 12 on the list, will launch a hedge fund next year targeted at international investors and domiciled offshore, deputy CEO Pavel Nikonov says. (If it were registered in Russia, the government might tax all the fund’s gains, not just the manager’s earnings.)

然而，大多数俄罗斯经理仍然最大的希望恢复国内零售业。这里的潜力似乎令人印象深刻。同样的俄罗斯财富爆炸已经制作了该国传说中的Nouveau Riche，已经陷入了数百万的中产阶级家庭，具有相当大的手段来建造传统的资产阶级巢蛋。据中央情报局的世界要素簿，去年，人均GDP在去年的购买力达到15,900美元。这比土耳其的收入水平高30％，比巴西更高的50％。Aton的平均共同基金账户价值70,000美元。

The securities markets are looking more attractive in light of the dismal returns that banks offer these days. Russian savers enjoyed positive real interest rates on deposits for most of the post-Soviet period as banks competed fiercely to attract their cash, but the financial crisis has changed that equation.

中央银行淹没了流动性的金融体系，以抵御破产的威胁。银行现在发现自己比有吸引力的借款人更具现金。Scerbank是占主导地位的国有零售特许经营权，在一年的存款证书，目前通货膨胀率的一半提供约4.5％的率。令人沮丧的算术是资产经理耳朵的音乐。“由于缺乏替代方案，我对共同基金业务非常乐观，”UFG资产管理管理合伙人，前联合金融集团的分支机构弗洛安芬纳表示。该公司在名单上排名第八，资产为16.4亿美元。

The mutual fund industry is also primed for a marketing revolution thanks to Sberbank’s pending acquisition of Troika Dialog, which was agreed in May. Sberbank, which holds nearly half of Russians’ bank deposits, plans to start hawking Troika’s investment funds across its 20,000-plus branch network. “This business is all about distribution, and we expect to explode the market,” Troika’s Rakhmanov says.

竞争对手欢迎Sberbank将相互资金带到群众的前景。“通过使市场更大，”这可能是我们的大量优势，“乌拉尔斯布资产管理的首席执行官Anton Pugach争夺。

然而，在其他领域，该行业继续被国家蹒跚。

考虑养老金规则的案例。在弗拉基米尔·普京的第一任期主席颁布了一项养老金改革，使工人在汇集其工资扣除转向传统国家退休系统或由大型雇主和金融公司经营的私人替代方之间进行选择。该安排在波兰和智利在波兰和智利工作良好的计划进行了建模。根据Troika对话的说法，今天约有25％的劳动力正在选择私人养老金计划，膨胀他们的金库到约320亿美元。

尽管如此，基金管理人员限制基金管理人员投资该金钱的能力。具体而言，法律不允许养老基金在任何日历年内赔钱。该要求有效地限制了最短期和保守的投资的大多数资金，例如政府债券和银行存款。“资本池正在以最低效的方式投入，因为一些法律不能改变，”UFG的Fenner说。

To add insult to injury, the government also forbids asset managers from charging pension funds management fees and caps performance fees at 10 percent. “If the regulations are not changed, eventually asset managers will just refuse to manage pension funds,” Rakhmanov says.

其他传统的投资仍然和来源erdeveloped in Russia. The insurance industry is in a formative stage, with most Russians lacking home or life insurance. Corporate treasuries are still struggling to pay off debts accumulated before the crisis and have limited cash reserves to deploy. The billionaires and multimillionaires for which Russia is famous largely bypass the country’s asset managers. “Ultrahigh-net-worth individuals establish family offices that create their own structures offshore,” says UralSib’s Pugach.

Oligarch capital seems to have been leaving Russia in large quantities regardless of the economic upturn. The central bank reported that capital outflows reached $31 billion during the first half of this year, about 4 percent of GDP on an annualized basis. A survey of the Russian superrich released this summer by Swiss private banking giant UBS found that four out of five favored the beleaguered euro as a store of value, while less than one third trusted the ruble.

II’s ranking of Russian asset managers reflects one notable absence: Hermitage Capital Management, the firm run by U.S.-born financier William Browder. Hermitage was the largest Russia conduit for foreign investors until 2005, when the Kremlin refused to renew Browder’s visa, without explanation. Then a group of alleged creditors sued Hermitage in Russian courts for some $500 million in supposed debts. Browder maintained that the suits were a fraud orchestrated by the Russian Interior Ministry. The struggle climaxed in 2009 when Sergei Magnitsky, a Russian lawyer representing Hermitage, was detained for allegedly helping Hermitage to evade taxes. He died after nearly a year in prison, after having been refused medical treatment for pancreatitis.

筹码为政府行动的特征表现为冬宫发动各种公司治理战斗的报应。然而，繁荣是一个经常有争议的投资者，也有锁定的角，具有强大的俄罗斯公司，如前公用事业垄断统一能源系统或第2号石油生产商卢库伊有限公司

繁荣的Cio Alexander Branis最近加入了政府在制作莫斯科国际金融中心的工作队，被确定为Dmitry Medvedev总统的主要目标。莫斯科的资产管理人员显然认为他有办法去。