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Alternative Market Briefing

Verno Capital boosts Russian fund offering with expanded team

Thursday, July 11, 2013

Natalia Zagvozdina
Beverly Chandler, Opalesque London:

Moscow-based fund management firm Verno Capital is expanding its investment team with three senior hires and plans to launch a Russia debt fund.

The three newcomers include Natalia Zagvozdina, formerly head of Russian Equity Research at Renaissance Capital and the country’s top rated consumer analyst (Institutional Investor rankings 2004-2010), who joins Verno as Head of Research. The second is Tom Adshead, a CFA charterholder and 22-year veteran of Russia’s markets with senior experience in both equity research and portfolio management, who joins as Portfolio Manager and thirdly, Elena Kolchina, a leading fixed income fund manager, who will assist with the launch of and manage a Verno debt fund.

$230m Verno Capital returned 16.7% over 2012 in its long/short equity fund and 10.6% in its long–only equity fund.

In an interview with Zagvozdina in Moscow, she explained that for her the Russian market is more than just oil and gas.

"Overall, Russia is not one of the first choice investor destinations, and that is primarily because of the perceived political risk associated with investment in Russia."

Zagvozdina believes there is value to be found in Russian stocks for those willing to do their homework, and points to the consumer sector as a prominent example. "In terms of internal consumption the simple macro indicators show that consumer spending is growing beyond e......................

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