Tkb pnb pariba mutual funds. MC with foreign capital "TKB BNP Paribas" passed to the head of the group of companies "Alor

The largest management company with foreign capital, TKB BNP Paribas Investment Partners, has changed its owners. The financial structures of Russian Railways and the French BNP Paribas Investment Partners sold their shares to the head of the Alor group of companies Anatoly Gavrilenko, one of the consolidators of non-state pension funds (NPF). Experts assess the changes that have taken place as negative: one of the last market companies went to closed structures.

One of the largest transactions on the Russian trust management market has been completed. The financial structures of Russian Railways and the management company BNP Paribas Investment Partners (part of the international financial group BNP Paribas) sold their stakes in the MC "TKB BNP Paribas Investment Partners" to the structures of the head of the Alor group of companies Anatoly Gavrilenko. "The company is completely transferred under the control of the Russian shareholder Anatoly Gavrilenko, the deal has already been completed," Vladimir Kirillov, general director of TKB BNP Paribas Investment Partners, confirmed the information. Mr. Gavrilenko assesses the acquisition as a good company "with efficient management and a large amount of funds" which, he hopes, "will be useful for the Russian economy." Control over the management company passed about a week ago, sources told Kommersant in the market.

TKB BNP Paribas Investment Partners (originally KIT Finance, then KIT Fortis Investments) has been operating in the trust management market since 2002 and is one of the top 10 largest Russian asset management companies. According to the company, as of April 30, 2015, the total amount of net assets under management and consulting exceeded RUB 153 billion. According to Kommersant's information, at the beginning of the year, a third of the investment portfolio was made up of funds from foreign investors. In 2014, revenue from trust management services exceeded RUB 562 million.

Yuri Novozhilov, the executive director of the NPF Blagosostoyanie (controlled by Russian Railways), said that the reason for the sale of a stake in the management company was the fund's decision to focus on managing pension reserves (pension savings were allocated to a separate fund Blagosostoyanie OPS and sold to the O1 Group investment company Boris Mints at the end of last year) ... “To manage them, we have companies with which we have historically cooperated. TKB BNP Paribas worked with pension savings and concentrated on managing market assets, and the leaders of the pension savings market made us a good offer,” he explained. A request to the BNP Paribas group went unanswered yesterday.

The participants do not disclose the price of the transaction, but, according to sources close to one of the parties, it was set at the level of the company's capital (about 800 million rubles). Experts note that this is not much, only 0.5% of assets under management, while on average, management companies estimate it at 1-2% of assets. "It is very likely that the foreigners will withdraw most of the assets at the same time as the sale of the company," said a Kommersant source familiar with the situation.

However, according to Vladimir Kirillov, the company will continue to develop the same areas as before - the management of institutional investors' funds and consulting on the management of foreign funds. "The staff remains after the change of shareholders, and the company will operate autonomously," said Mr. Kirillov. Anatoly Gavrilenko, who is a shareholder of three large NPFs (KIT Finance, Heritage, Promagrofond), admits that the acquired management company will be connected to the management of pension savings.

Market participants assess the fact of the sale of the company negatively. “This was one of the last companies with foreign capital and an interesting model of work in which the Russian team managed the money of BNP Paribas. It is also important that it was one of several market companies, and the transition to the control of new structures is an obvious step towards captivity , work with the assets of NPF ", - complains the general director of" Alfa-Capital "Irina Krivosheeva. "TKB BNP Paribas is one of the few honest and market players with whom it is interesting to compete, but now it has been sold to a closed structure, and it is not clear how it will develop further," says Anton Rakhmanov, CEO of Sberbank Asset Management. In his opinion, the key role in the deal was played by the geopolitical factor and the desire of the foreign company to "wind up business in Russia."

Maria Yakovleva, Yulia Lokshina, Kirill Sarkhanyants

(Photo: from personal archive)

Managing Director for Investments at TKB Investment Partners Vladimir Tsuprov is responsible for an investment portfolio of almost RUB 300 billion. Under his leadership, the volume of the company's assets in 2015 increased by 128%, which brought it to the fourth place among the largest Russian management companies, and the foreign exchange bond unit investment fund became the second most profitable fund on the Russian market in five years. Tsuprov told RBC about how to manage big money, why it is better to do it from St. Petersburg and what will happen to the Russian economy.

"It's too noisy in Moscow"

• My path to the finance industry was very short: I graduated from the St. Petersburg University of Economics and Finance, where I studied at the Department of Securities, and then quickly enough passed all the steps of the career ladder - from an analyst on stocks to a managing director for investments.
• When I started my career in 1998, I had to learn from my mistakes and the mistakes of the people around me. I have no authorities in the investment field, but I am attentive to any interesting experience.
• I have been managing assets for over ten years being in St. Petersburg, as well as my team, which in no way affects the efficiency of the process. Moreover, it eliminates the unnecessary noise that constantly surrounds the manager. Moscow's investment space, boiling and full of rumors, cloudes perceptions and can distract from work. It is more useful to be on the sidelines of this.
• I am a trustee, which means I work within the strict framework set by the client and current legislation. I have two main tasks: the first is to ensure high-quality work of the team in the chosen market, the second is to refuse to work in the market in which I have no expertise. For some reason, it is customary to ignore the latter in Russia.
• The manager has unique abilities- he quickly makes decisions in conditions when others do not understand much. We can easily bet millions of dollars in total uncertainty. But I must know when to stop: even if the potential income from a deal is huge, I have no right to invest in it more than the risks allow. Those who do not follow this rule always end up in bankruptcy.

Vladimir Tsuprov

Was born in 1976 in Leningrad. Graduated from St. Petersburg State University of Economics and Finance with a degree in finance and credit. Has been working in the investment business since 1998. In 2000, he headed the analytical department at Web-Invest Bank, in 2002 he was appointed Deputy General Director of KIT Finance Management Company. In 2003-2005, Tsuprov held senior positions at the National Development Bank. In 2005 he returned to KIT Finance Management Company as Director of the Asset Management Department. Today he is Managing Director for Investments at TKB Investment Partners.

• The main principle of the manager- to understand what needs to be done, why and what risks arise in this case. The golden combination of these factors, coupled with the ability to obtain the information necessary for making a decision, is the key to success. You can improve in this matter forever.
• In our company the investment process is constantly evolving, and now there are even two approaches competing with each other. One is based on calculating the stability of the company's future cash flow when assessing the value of its shares, the other is based on value-investment methods, when the company's value is estimated using historical data.
• We see a crisis of confidence to the managers. People do not want to give money to other people who, as it seems to them, put their savings in some kind of black box, they themselves cut coupons from it, and the investor gets “how it happened”.

"The economy will not return to stable growth"

• Obvious investment ideas can not be. Billions of rubles and billions of dollars are spinning on the market, so all the ideas that once lay on the surface have long been redeemed. If it was obvious where to invest money now, these assets would immediately become very expensive.
• In 2015 Russian Eurobonds received profitability from both the devaluation of the ruble and the rise in dollar prices for these securities. There is no great merit of the managers in this, because those who managed such funds "left" on the fall of the ruble and the growth of the American currency. So, if you want to praise a portfolio manager of Eurobonds, then you need to look not at the yield, but at how he performed in comparison with competitors or a benchmark.
• This year Eurobonds are unlikely to be as attractive as in 2015. Bonds have already appreciated very well. For this growth to continue, they must reach zero returns, but this is not possible. Therefore, now we are not talking about how to get excess profits, but about how to show profitability that significantly exceeds deposits.

"TKB Investment Partners - Currency Bond Fund"

The value of net assets (as of May 30, 2016) - 439.2 million rubles, share - 27.3 thousand rubles. Invests in government and corporate Eurobonds of issuers from Russia and the CIS countries available on international markets, as well as in foreign currency bonds, which are guaranteed by companies from Russia and the CIS countries. According to Investfunds, it has become the most profitable mutual fund on the Russian market (among the actively traded ones) in five years. Its result (as of 12/31/2015) is 150.84%. At the same time, in 2015 the fund showed a return of 38.03%.

• Eurobond mutual funds incur significant costs compared to deposits - more than 2% per year. To overtake a deposit with a rate of 2% per annum in foreign currency in terms of profitability, a manager needs to earn 5% per annum "dirty". Then, minus the costs, this will be a good result for the client. Now the manager has to think about this, and not about how to repeat the result of 2015.
• Some years ago at one of the client's presentations, I said that I did not see any opportunities for a significant increase in the MICEX index and did not understand what could be the reason for it. And then “it came from where they didn’t expect it”: more than two-fold devaluation of the ruble pushed the ruble index to new peaks. Today, the main factors that will influence the quotes of Russian shares are the ruble exchange rate and the dynamics of interest rates.
• What matters now is not whether the Russian economy has a chance to bounce off the bottom. The important thing is that there is nowhere to bounce: the force of gravity will pull us back. The Russian economy may stabilize and grow by 1-2%, but this will not be a steady upward movement. The economy will not return to stable growth, and in the long term it may continue to decline. It is quite difficult to prove this, since it is already felt at the level of intuition.

Managing Director for Investments "TKB Investment Partners" Vladimir Tsuprov (Photo: from personal archive)

"Learn to rake the trash"

• We live in conditions littered information space. The investment industry as one of the most difficult is littered to the limit. Even at Sony, Nikon, and Canon, marketing departments decide what specifications new digital cameras should have. Learn to clean up this information trash. If it is difficult, then invest in bank deposits.
• The first question to be answered is- this is what currency you will invest in. You also need to understand for how long the investment portfolio is formed. Having answered these two questions, you can already think about the assets in which you will invest money.
• If you want foreign exchange savings, but not in the form of a bank deposit, then you should pay attention to mutual funds investing in foreign exchange instruments. The good thing about them is that you don't have to pay income tax on currency revaluation. This favorably distinguishes shares in such mutual funds from buying Eurobonds to a brokerage account. And if additional taxes are introduced on foreign currency deposits, then this instrument will turn out to be the best way to save money in foreign currency.
• Remember that with January 1st In 2015, you have the opportunity to receive a tax deduction (not to pay personal income tax at 13%) in the future if you invest in any mutual funds for more than three years. This is a very serious advantage that significantly increases the attractiveness of mutual funds as investment instruments.

"TKB Investment Partners"

Previously - TKB BNP Paribas Investment Partners, KIT Finance and KIT Fortis Investments. Has been working in the trust management market since 2002. Until 2015, it was the largest management company with foreign capital in Russia, the owners are the French BNP Paribas Investment Partners and the financial structures of Russian Railways. In July 2015, they sold their shares to the head of the Alor group of companies Anatoly Gavrilenko.

The company directs funds of various categories of investors in the amount of over 200 billion rubles both to the real sector of the economy and to the purchase of securities with varying degrees of risk. The company is owned by the BNP Paribas group and the financial management of Russian Railways. Control. the company was assigned a reliability rating of А ​​++ according to the Expert Ra version and the maximum rating of NRA.

Stock market operations

The family of MC TKB BNP Paribas Investment Partners includes the following funds:

1. Paribas Premium - a fund offering investors financial injections into the shares of national and foreign corporations with a total volume of shares in the amount of over 184 million rubles;
2. Paribas RTS Index - a fund offering investors financial injections into the shares of national corporations that influence the formation of the stock exchange index, with a total volume of shares in the amount of over 164 million rubles;
3. Paribas - Russian metallurgy and mechanical engineering - a fund offering investors financial injections into shares of metallurgical companies, with a total volume of shares in the amount of over 44 million rubles;
4. Paribas - Russian Oil - a fund offering investors financial injections into shares of oil companies, with a total volume of shares in the amount of over 119 million rubles;
5. Paribas - Russian Power Industry - BNP Management Company Paribas Investment Partners fund, which offers investors financial injections into shares of energy companies with a total volume of shares in the amount of over 190 million rubles;
6. Paribas - Russian consumer sector - a fund offering investors financial injections into the shares of the largest retailers, with a total volume of shares in the amount of over 27 million. rubles;
7. Paribas - Equity Fund - a fund offering investors financial injections into the shares of the largest retailers, with a total volume of shares in the amount of over 126 million rubles;
8. Paribas Money Market Fund is a fund focused on active use of the potential of short-term financial instruments with an aggregate volume of shares in excess of 146 million rubles.
9. Paribas Bond Fund guarantees its shareholders to receive profit from operations with securities issued by state and municipal authorities with a total volume of shares over 483 million rubles.
10. Paribas - The balanced fund of the conservative management company TKB BNP Paribas Investment Partners offers its investors a passive investment tactic, the main instrument of which is bonds. The fund accumulates funds of shareholders in the amount of 155 million rubles.
11. Paribas - The foreign exchange bond fund is aimed at making profitable transactions with bonds. The monetary potential of the fund varies within 300 million rubles.

In addition, TKB BNP Paribas Investment Partners, the management company, integrates smaller mutual funds, mainly of open type, under its supervision. Most financial institutions make money through the purchase of stocks and bonds and other transactions in the stock market.

Closed institutions

Closed-end funds of the group provide for the direction of financial resources for the acquisition of property objects, bills of exchange, a certain share in the authorized capital of stably operating corporations. Services are also actively promoted, providing for an expert assessment of capital and the development of investment strategies.

Pension money management

Control. the company illustrates high profitability in the field of pension finance management. In 2013, the yield was 8.55 percent per annum, which is an excellent indicator for the Russian market. Investors can transfer their savings to the company either by applying to a pension fund or through agents of a financial group.

Open Joint Stock Company TKB BNP Paribas Investment Partners creates various services that allow clients to feel maximum comfort when transferring funds under the company's management. Consulting services and an investment calculator allow you to navigate a variety of financial products and choose the right strategy for earning capital.

Buying alternative funds

In 2013, as a result of the consolidation of assets, the company merged with the financial institutions of the Kit Fortis investment group. As a result, the segment of collective investments was significantly increased. After the integration, the company partially borrowed the investment tactics of competitors, and partially promoted its own ideas. The result was a good profitability of almost all funds at the end of 2013 and early 2014.

The partner of UniCredit Bank, the management company TKB BNP Paribas Investment Partners (OJSC), made a decision to merge mutual investment funds.

The pooling of funds is carried out to optimize the line of funds based on a thorough analysis of market trends, shareholder preferences and more than 10 years of experience of the management company. Also, the purpose of the merger is to improve the efficiency of fund management, and shareholders will be able to use more promising investment products.

In this regard, from November 25, 2014, the acceptance of applications for operations with investment shares of all funds participating in the merger procedure will be suspended. Also, applications for the exchange of investment shares of other funds under the management of TKB BNP Paribas Investment Partners (OJSC) for investment shares of the acquired funds will not be accepted temporarily.

No later than December 1, 2014, the conversion (exchange) of investment units will be carried out and the acceptance of applications for operations with investment units of the funds to which the accession was made will be resumed.

After the merger, surcharges and discounts will apply in accordance with the rules of trust management of the fund to which the merger was made. In this case, the amount of the discount for the redemption of the units of the fund, to which the merger was made, will be determined based on the time period from the date of conversion of the units to the date of their redemption.

TKB BNP Paribas Investment Partners (OJSC) (License for the management of investment funds, mutual funds and non-state pension funds, issued by the Federal Financial Markets Service of Russia on June 17, 2002 under No. 21-000-1-00069, the license is valid for an unlimited period; The license of a professional participant in the securities market to carry out activities in the management of securities, issued by the Federal Financial Markets Service of Russia on April 11, 2006 under No. 078-09042-001000, the validity period of the License is unlimited).

Bond open-ended mutual fund "TKB BNP Paribas - Bond Fund" (The rules of trust management of the fund were registered by the Federal Commission for the Securities Market of Russia on 24.12.2002 under No. 0081-58233855); Open-ended mutual investment fund "TKB BNP Paribas - Balanced Conservative Fund" (The rules of trust management of the fund were registered by the Federal Commission for the Securities Market of Russia on 24.12.2002 under No. 0078-58234010); OUIF of shares "TKB BNP Paribas - Fund of shares" (The rules of trust management of the fund were registered by the Federal Commission for the Securities Market of Russia on July 16, 2003 under No. 0122-58234576); OUIT of shares “TKB BNP Paribas - Russian oil” (The rules of trust management of the fund were registered by the Federal Commission for the Securities Market of Russia on 24.12.2002 under No. 0080-58233938); OUIF of shares "TKB BNP Paribas - Russian Electric Power Industry" (The rules of trust management of the fund were registered by the Federal Commission for the Securities Market of Russia on 24.12.2002 under No. 0079-58233772); OUIF of shares "TKB BNP Paribas - Telecommunications and Innovations" (The rules of trust management of the fund were registered by the Federal Commission for the Securities Market of Russia on March 21, 2003 under No. 0096-58227323); OUIT money market “TCB BNP Paribas - Money Market Fund” (The rules of trust management of the fund were registered by the Federal Financial Markets Service of Russia on October 27, 2004, No. 0273-58234047); OPIF index "TCB BNP Paribas - MICEX Index" (The rules of trust management of the fund were registered by the Federal Financial Markets Service of Russia on 11.11.2004 under No. 0276-58234367); OUIF of shares "TKB BNP Paribas - Perspective investments" (The rules of trust management of the fund were registered by the Federal Financial Markets Service of Russia on June 30, 2004 under # 0224-58234352); Index open-ended investment fund "TKB BNP Paribas - RTS Index" (The rules of trust management of the fund were registered by the Federal Financial Markets Service of Russia on December 29, 2005 under No. 0455-75409706); OUIF shares "TKB BNP Paribas - Russian metallurgy and mechanical engineering" (The rules of trust management of the fund were registered by the Federal Financial Markets Service of Russia on September 13, 2005 under No. 0404-75408026); OUIF of shares “TKB BNP Paribas - Premium. Equity Fund ”(The rules of trust management of the fund were registered by the Federal Financial Markets Service of Russia on February 28, 2006 under No. 0478-75408434); OUIF of shares "TKB BNP Paribas - Russian consumer sector" (The rules of trust management of the fund were registered by the Federal Financial Markets Service of Russia on 08.11.2007 under No. 1074-58228736); OUIF of shares “TKB BNP Paribas - Equity Fund 2” (The rules of trust management of the Fund were registered by the Federal Financial Markets Service of Russia dated September 20, 2007 under No. 0989-94131910); Open-ended mutual investment fund "TKB BNP Paribas - Mixed Investment Fund 2" (The rules of trust management of the Fund were registered by the Federal Financial Markets Service of Russia dated 20.09.2007 under No. 0990-94131837).