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A new tune in Russia
22 May 2008
Russia is no longer just a market of commodities and misconceptions of unsafe investment. Its capital markets are growing. Craig MacDonald speaks to one of the beneficiaries of this improved Russia, Troika Dialog Asset Management, about their hedge fund and if Russia is really the new boom market.
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Russia
Troika Dialog
Stephen Cohen
Russia is a country no longer given away cheap as it was from 1999 to 2003! It is at the top of most top tier prime broker's lists. Now if only the capital markets would catch up to international interest. This wish may not be as far away as you think. Troika Dialog Asset Management was set up in 1996 and manages approximately $5 billion including $550 million in collateralised debt obligations, $500 million in private equity, and $180 million in its hedge fund, the Troika Russia Fund.
Troika has been managing equity long/short portfolios since July 2002 and achieved net returns of 34.5% per annum through March 2006 ahead of the launch of its hedge fund. And the universe of potential investors is growing, in the Russia CIS region, there are about 125 companies and up to a further 50 with limited liquidity. The Troika Russia Fund is a...
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