Russian Hedge Fund Manager Opens New Investment Firm

Jun 14 2010 | 9:28am ET

Verno Investment Management has recently opened its doors in Russia. The new fund management firm was founded by hedge fund manager Dimitri Kryukov, who has been involved in Russia's capital markets since their inception in 1992. 

Kryukov, who will serve as chief investment officer of the new company, is joined by his former colleagues at a hedge fund he founded in 2002 called Kazimir Partners. His colleagues include Karen Clarke, partner and CEO, Michelle Alifanz Carson, partner and head of business development and Bruce Bower, who will join the firm in August as partner, portfolio management.  

The partners have also been joined by a team of their former research colleagues, Anton Terentiev, as director of research, Sergey Belyaev, deputy portfolio manager, and Nataliya Nenarokomova, senior research analyst. 

The firm's first fund, the Verno Russia Fund, has been seeded by the partners with an initial $15 million. The fund aims to generate superior long-term compound returns outperforming the RTS index by employing an investment process based upon high-conviction investments and expert knowledge of the Russian market.

“Investing in Russia has always required a combination of fortitude and expert local knowledge and our new fund has been designed to capture the upside in Russia whilst protecting against large draw-downs," said Kryukov. "Success requires a full understanding of the dynamics of the whole market, as economic expansion does not always translate into the total return of an investment vehicle or individual share. The key to superior returns is rigorous bottom-up research to identify stocks that will outperform and others that will underperform. Verno’s research process identifies the key sector themes in the market, both from a top-down perspective and bottom-up fundamental stock picking.”

In addition to its main research office in Moscow, Verno has operations in Switzerland and the United States. 

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