Troika Dialog
Encyclopedia
Troika Dialog is an independent full service integrated investment bank and asset management firm in Russia
and the CIS. Since the company’s founding in 1991, Troika Dialog has developed its core lines of business: securities sales and trading
, investment banking
, private wealth and asset management, retail distribution and alternative investments. The company focuses on markets in Russia and other CIS countries.
Troika Dialog operates in more than 20 cities in Russia plus offices in London
, New York
, Kiev
, Almaty
, and Nicosia
. Troika’s clients include leading Russian and international companies, financial institutions, government agencies and high net worth individual
s.
Fixed Income. Troika Dialog is the most active operator on the secondary ruble bond market and a highly active participant in the secondary Eurobond
market. The company provides its clients with custody and clearing services for debt instruments, including settlement and clearing facilities DVP Euroclear. Troika Dialog plays an active role in the Ukrainian and Kazakhstani debt market and provides services for organizing bond issues.
Derivatives and Structured Products. Troika Dialog, as the founding trading member of the RTS-FORTS index futures, continues to develop its role in the Derivatives market place. The company provides trading liquidity in Russian index futures, index options and stock options that trade in London or Frankfurt. Troika’s Structured Products Group is focused on three main areas: issuing platforms with an extensive use of derivatives, hybrid debt instruments with equity participation structures, and securitization.
Treasury. Troika Dialog Treasury’s key line of activity is hedging currency, interest rate and commodity risks faced by clients. Troika also provides corporate clients with short-term funding through REPO. Also, companies may place temporarily available funds through reversed REPO to get additional income.
The Research team combines a range of nationalities with experience in international markets.
Troika’s analysts actively monitor over 300 companies and provide in-depth analysis of 150 of the most important listed Russian, Ukrainian and Kazakh firms. The company’s research product range includes equity, fixed income and options coverage through a broad range of publications which include market dailies, strategy and economic monthlies, long term thematic industry pieces and individual company desknotes or reports.
s, and fairness opinion
s. Troika Dialog is the leading house in Equity Capital Markets providing clients with consultation, products and services related to equity and equity-linked transactions. It is also one of the most prominent participants on Russia’s debt capital markets, providing clients with services from arranging and leading primary bond issues to secondary market trading and in-depth Fixed Income market research. Troika has managed and been involved in the largest and most visible transactions by Western and Russian companies, both blue chip and rapid growth issuers, such as RAO UES of Russia, Russian Railways
, AvtoVAZ
, KamAZ
, Sukhoi Aviation Corporation, Novorossiysk Commercial Sea Port, Power Machines, NOVATEK
, URSA Bank, Vozrozhdenie Bank, Vimpelcom, IBS, Pharmacy Chain 36.6, Wimm-Bill-Dann, Nidan, World Class, Fortum
, among others.
s and major companies. TDAM is one of the largest managers of domestic Russian mutual funds and has been a consistent industry leader in product innovation since its inception. Troika Dialog Asset Management services a number of state funds: the State Pension Fund of the Russian Federation (within the pension reform), the Deposit Insurance Agency, the Federal Public-State Fund for the Protection of Investors’ and Shareholders’ Rights, and the Cumulative Mortgage Housing Provision System for Servicemen in the Armed Forces. A founding market player in Russian Private Banking, TDAM has preserved its leading positions throughout the history of this market.
s. TCP predominantly invests in later-stage development and buyout situations. The primary focus is consumer-driven and technology enabled sectors.
(Davos), the Russian Union of Industrialists and Entrepreneurs (RSPP), the 2015 Club, The American Chamber of Commerce, the US-Russia Business Council, the Federal Commission for the Securities (FCSM), the National Association of Securities Market Participants (NAUFOR), the Russian Trading System (RTS), the National League of Asset Managers and the Depository Clearing Company (DCC). Stock exchanges membership includes: MICEX, RTS (including FORTS), MSE, SPBEX, SPCEX, LSE and PFTS.
Group under which Standard Bank will become a 36% shareholder in Troika Dialog.
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
and the CIS. Since the company’s founding in 1991, Troika Dialog has developed its core lines of business: securities sales and trading
Sales and trading
Sales and trading is one of the key functions of an investment bank. The term refers to the various activities relating to the buying and selling of securities or other financial instruments...
, investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
, private wealth and asset management, retail distribution and alternative investments. The company focuses on markets in Russia and other CIS countries.
Troika Dialog operates in more than 20 cities in Russia plus offices in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, Kiev
Kiev
Kiev or Kyiv is the capital and the largest city of Ukraine, located in the north central part of the country on the Dnieper River. The population as of the 2001 census was 2,611,300. However, higher numbers have been cited in the press....
, Almaty
Almaty
Almaty , also known by its former names Verny and Alma-Ata , is the former capital of Kazakhstan and the nation's largest city, with a population of 1,348,500...
, and Nicosia
Nicosia
Nicosia from , known locally as Lefkosia , is the capital and largest city in Cyprus, as well as its main business center. Nicosia is the only divided capital in the world, with the southern and the northern portions divided by a Green Line...
. Troika’s clients include leading Russian and international companies, financial institutions, government agencies and high net worth individual
High net worth individual
A high-net-worth individual is a person with a high net worth. In the private banking business, these individuals typically are defined as having investable assets in excess of US$1 million. As explained below, the U.S...
s.
Capital Markets
Equities. Troika Dialog claims to be the leader in Russian equity sales and trading. Its dominant market share principally comes from trading on behalf of a wide range of clients around the world. Troika’s equity desk serves global and domestic institutional investors and hedge funds as well as corporate investors and private individuals. Troika Dialog makes markets well before the open in Moscow and continues to make prices through the close of New York trading.Fixed Income. Troika Dialog is the most active operator on the secondary ruble bond market and a highly active participant in the secondary Eurobond
Eurobond
A Eurobond is an international bond that is denominated in a currency not native to the country where it is issued. It can be categorised according to the currency in which it is issued. London is one of the centers of the Eurobond market, but Eurobonds may be traded throughout the world - for...
market. The company provides its clients with custody and clearing services for debt instruments, including settlement and clearing facilities DVP Euroclear. Troika Dialog plays an active role in the Ukrainian and Kazakhstani debt market and provides services for organizing bond issues.
Derivatives and Structured Products. Troika Dialog, as the founding trading member of the RTS-FORTS index futures, continues to develop its role in the Derivatives market place. The company provides trading liquidity in Russian index futures, index options and stock options that trade in London or Frankfurt. Troika’s Structured Products Group is focused on three main areas: issuing platforms with an extensive use of derivatives, hybrid debt instruments with equity participation structures, and securitization.
Treasury. Troika Dialog Treasury’s key line of activity is hedging currency, interest rate and commodity risks faced by clients. Troika also provides corporate clients with short-term funding through REPO. Also, companies may place temporarily available funds through reversed REPO to get additional income.
Research
Troika Dialog’s Research department claims to have one of the largest professional teams of analysts covering the CIS capital markets with the widest company coverage and the broadest range of products. Troika’s analysts offer analysis on all aspects of the region’s capital markets and industries.The Research team combines a range of nationalities with experience in international markets.
Troika’s analysts actively monitor over 300 companies and provide in-depth analysis of 150 of the most important listed Russian, Ukrainian and Kazakh firms. The company’s research product range includes equity, fixed income and options coverage through a broad range of publications which include market dailies, strategy and economic monthlies, long term thematic industry pieces and individual company desknotes or reports.
Investment Banking
Troika Dialog provides M&A services, including mergers, sell and buy-side advisory, leveraged buyouts, joint ventures, strategic allianceStrategic alliance
A Strategic Alliance is a relationship between two or more parties to pursue a set of agreed upon goals or to meet a critical business need while remaining independent organizations...
s, and fairness opinion
Fairness opinion
A fairness opinion is a professional evaluation by an investment bank or other third party as to whether the terms of a merger, acquisition, buyback, spin-off, or going private are fair...
s. Troika Dialog is the leading house in Equity Capital Markets providing clients with consultation, products and services related to equity and equity-linked transactions. It is also one of the most prominent participants on Russia’s debt capital markets, providing clients with services from arranging and leading primary bond issues to secondary market trading and in-depth Fixed Income market research. Troika has managed and been involved in the largest and most visible transactions by Western and Russian companies, both blue chip and rapid growth issuers, such as RAO UES of Russia, Russian Railways
Russian Railways
The Russian Railways , is the government owned national rail carrier of the Russian Federation, headquartered in Moscow. The Russian Railways operate over of common carrier routes as well as a few hundred kilometers of industrial routes, making it the second largest network in the world exceeded...
, AvtoVAZ
AvtoVAZ
AvtoVAZ is the Russian automobile manufacturer formerly known as VAZ: Volzhsky Avtomobilny Zavod , but better known to the world under the trade name Lada. The company was established in the late 1960s in collaboration with Fiat...
, KamAZ
Kamaz
KAMAZ is a Russian truck manufacturer located in Naberezhnye Chelny, Tatarstan, Russian Federation. KAMAZ opened their doors in 1976...
, Sukhoi Aviation Corporation, Novorossiysk Commercial Sea Port, Power Machines, NOVATEK
Novatek
OAO Novatek is the Russia's largest independent natural gas producer, and second-largest in overall production after Gazprom. The company was originally known as OAO FIK Novafininvest...
, URSA Bank, Vozrozhdenie Bank, Vimpelcom, IBS, Pharmacy Chain 36.6, Wimm-Bill-Dann, Nidan, World Class, Fortum
Fortum
Fortum Oyj is a Finnish publicly listed energy company, which focuses on the Nordic and Baltic countries, Poland and the north-west of Russia. After acquisition of Russian energy company TGC-10 in year 2008, Western Siberia has become an important operating area for Fortum. The head of the company...
, among others.
Asset Management
Founded in 1996, Troika Dialog Asset Management (TDAM) is a leading Russian asset manager. The company offers mutual funds, individual accounts and other financial services to private investors, insurance firms, pension fundPension fund
A pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
s and major companies. TDAM is one of the largest managers of domestic Russian mutual funds and has been a consistent industry leader in product innovation since its inception. Troika Dialog Asset Management services a number of state funds: the State Pension Fund of the Russian Federation (within the pension reform), the Deposit Insurance Agency, the Federal Public-State Fund for the Protection of Investors’ and Shareholders’ Rights, and the Cumulative Mortgage Housing Provision System for Servicemen in the Armed Forces. A founding market player in Russian Private Banking, TDAM has preserved its leading positions throughout the history of this market.
Personal Investments and Finance
Troika Dialog provides customer service to wealthy mass clients, offering a range of products: mutual funds, internet trading, individual brokerage, managed accounts, equity funding and pension savings management. Troika Dialog is a leader on the mutual fund market and was the first in Russia to offer a unique product – “Troika Dialog – Life” – investment-based life insurance. In addition to the company’s own client service network, Troika Dialog has developed a network of agent banks.Alternative Investments
Troika Capital Partners (TCP) is an alternative investment arm of Troika Dialog, one of the leading Russian investment banks. The group manages over $800m in PE and VC funds on behalf of the diversified group of LPs, including banks, FoFs, insurance companies and family officeFamily office
A family office is a private company that manages investments and trusts for a single wealthy family. The company's financial capital is the family's own wealth, often accumulated over many family generations. Traditional family offices provide personal services such as managing household staff and...
s. TCP predominantly invests in later-stage development and buyout situations. The primary focus is consumer-driven and technology enabled sectors.
Membership
Troika Dialog’s top-managers frequently feature as guest speakers and panelists at international economic forums and universities and are members of leading governmental and nongovernmental organizations, including the World Economic ForumWorld Economic Forum
The World Economic Forum is a Swiss non-profit foundation, based in Cologny, Geneva, best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland....
(Davos), the Russian Union of Industrialists and Entrepreneurs (RSPP), the 2015 Club, The American Chamber of Commerce, the US-Russia Business Council, the Federal Commission for the Securities (FCSM), the National Association of Securities Market Participants (NAUFOR), the Russian Trading System (RTS), the National League of Asset Managers and the Depository Clearing Company (DCC). Stock exchanges membership includes: MICEX, RTS (including FORTS), MSE, SPBEX, SPCEX, LSE and PFTS.
Structure
Troika Dialog is privately owned by 109 employee partners. In March 2009, the company announced a strategic alliance with Standard BankStandard Bank
The Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.-History:...
Group under which Standard Bank will become a 36% shareholder in Troika Dialog.
The Russia Forum
Since 2008 Troika Dialog organizes annual three day forum held in Moscow – “The Russia Forum”. The Forum follows a similar format to that of the Davos meeting of the World Economic Forum (WEF) in bringing together representatives of the international investor’s community, Russian political and business leaders, public figures, celebrities and media to discuss Russia’s involvement the challenges facing Russia and the global economySources
- SEC Press-release
- Troika's press-release
- http://www.vedomosti.ru/newspaper/article.shtml?2007/01/25/119517Article in VedomostiVedomostiVedomosti is a Russian language business daily. It is a joint venture between Dow Jones, the Financial Times and Sanoma, publishers of The Moscow Times....
(in Russian)]