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Troika Dialog hires Head of Research as AuM exceeds USD3.5 billion

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Olga Logvina has joined Troika Dialog Asset Management (TDAM) in Moscow as Head of Research.  The investment team at TDAM in Moscow now has 13 investment professionals.

Olga Logvina has joined Troika Dialog Asset Management (TDAM) in Moscow as Head of Research.  The investment team at TDAM in Moscow now has 13 investment professionals. Logvina reports to Oleg Larichev, the CIO of TDAM and is responsible for managing the research process.

Larichev said:  ‘Olga has over 10 years’ experience in Russian financial markets and a track record of delivering real investment insight. Our clients both inside and outside Russia are continuing to demand more sophisticated strategies. The range of instruments, the number of stocks and the underlying liquidity in the Russian market are all growing. So we have been building our research effort to insure we can continue to identify exciting investment opportunities and deliver excellent performance.’

Logvina joined TDAM from Pioglobal Asset Management, where she was Head of Research, responsible for strategic analysis and asset allocation.  Before that, in 1998-1999, she worked as an analyst at Pioneer Securities in Moscow covering the automotive sector and subsequently macroeconomics and fixed income.  She started her financial career in 1996 as a corporate finance manager at an investment boutique in St. Petersburg.  She holds a BA cum laude in English and German from Herzen University in St. Petersburg and an MBA from the University of Northern Iowa in the US.  She is a Chartered Financial Analyst (CFA) and a member of the MICEX Index Committee. 

As of 30 March 2007 total assets under management at TDAM exceeded USD3.5 billion, up from USD1.6 billion 12 months earlier. This total includes over USD2 billion invested in equities. This asset growth is a result of good inflows to existing strategies, including especially domestic mutual funds, but also in part from the launch of the Troika Russia Fund on 2 May 2006.

The Troika Russia Fund is an equity long/short hedge fund focused on the markets of Russia and other Commonwealth of Independent States (‘CIS’) countries.  Since inception through March 30, 2007 the Troika Russia Fund has delivered an annualised return after fees of 33.7 % with a Sharpe ratio of 2.26. Over this period the RTS$ index rose by only 12.8 %. As of March 30, 2007 the Troika Russia Fund had a net asset value of USD 113 million.

Stephen Cohen, the Managing Director of Troika Dialog (UK) responsible for the Troika Russia Fund said: ‘Investors outside Russia are beginning to recognize the excellent performance from the Troika Russia Fund and TDAM’s investment expertise in general. Our use of the burgeoning OTC derivatives market to help manage volatility as well as short positions differentiates us from many other Russian hedge funds that are not actively pursuing long/short strategies. Olga’s decision to join us is a demonstration of TDAM’s commitment to delivering this performance going forward by insuring that we build the best possible investment team.’

Explaining the investment background, Cohen added: ‘The range of investment opportunities in the Russian and CIS markets continues to increase. This has enabled us to achieve superior risk-adjusted returns. Recently the Russian stock market corrected with other global markets but has since rallied strongly because of the excellent domestic economic fundamentals and reasonable valuation measures. Strong demand from domestic investors means that the large IPO calendar for 2007 will continue and provide further opportunities to diversify portfolios and to enhance long/short strategies.’

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