OREANDA-NEWS. On 16 June 2008 CiG (Centreinvest Group], a leading Russian financial and investment services company and member of My Bank Group, in partnership with Tamir Fishman Co., announced that they have been chosen as one of five firms to manage assets of the Russian Venture Company (RVC). CiG, in partnership with Tamir Fishman & Co, will oversee the venture fund of 2 billion roubles with investments from the RVC and private investors. The results of the tender were disclosed by Russia’s Minister of Economic Development, Elvira Nabiullina, during the final day of the World Economic Forum in Saint Petersburg on 8 June 2008.

“This is a great opportunity and an exiting challenge for us,“ said CiG Asset Management Head, Vasily Kulikov. “We competed with 18 companies for this opportunity, and proved that together with our partner, Tamir Fishman Co., we are among the best in expertise and experience.”

“We firmly believe our alliance with CiG will be among the strongest joint efforts in the Russian investment market, said Eldad Tamir, Managing General Partner of Tamir Fishman Russia and co-CEO of Tamir Fishman. Together, we will ensure that all investments are made with proper due diligence and that The Fund delivers an appropriate balance of risk versus return.”

The tender to transfer 6.4 billion rubles to private asset management companies has been under review since May 2007. Each company will establish a fund, of which 49% will be financed by RVC. The balance of 51% will be funded by the asset management company via private investors.

RVC also announced that the other funds will be managed by Leader, Allianz-ROSNO, Maxwell Asset Management, and Sever Asset Management.