Troika Dialog has fallen from the list of the country's top three asset management companies, according to data from the National Rating Agency.
By the end of 2009, Troika's assets under management had fallen to 79.2 billion rubles ($2.62 billion), putting it in fifth place. It had been No. 2 behind Lider for several years.
A first attempt to topple the long-running leader was made by Otkritie in 2008, which saw its assets under management rise to 83.6 billion rubles from 6.7 billion rubles — sending it straight to fourth place from 34th. The increase came after the company consolidated its accounting with a Cyprus-registered subsidiary, an Otkritie spokesperson said.
At the time, Troika had 214.2 billion rubles under management, although that figure included 130 billion rubles from state corporation Rusnano, which had hired the bank as a consultant.
According to preliminary figures, Otkritie's assets under management remained almost unchanged at 83.7 billion rubles. "Last year, we weren't actively developing the management company. We were focused on other parts of the group's business," general director Mikhail Belyayev said.
Troika was also surpassed last year by UralSib, which doubled its assets to 101.7 billion rubles, from 51.3 billion rubles, and by Gazprombank, which more than doubled its business (102 billion rubles, compared with 41.1 billion rubles).
The trend started in late 2008 when big investors realized that diversification was working poorly in a system-wide crisis and began shifting funds to companies that they were close to, said Maria Semyonova, NRA deputy general director. Additionally, a number of investment projects were wound down and the money was handed over for management, she said.
A spokesman for Troika confirmed that its change in assets under management last year was primarily related to the end of the contract with Rusnano. He also said a major client pulled out money last year after a management contract expired.
Troika's main competitor, Renaissance Group, had 110.1 billion rubles under management at the end of 2008, but in 2009 it completely fell from the rankings because it refused to provide data, NRA said.
Renaissance spokesman Quinn Martin confirmed the refusal but declined to explain the decision.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.