Chapter 8: Troika Dialog Commentary: Ruben Vardanian and Troika
8. Troika Dialog In late 2001, Troika Dialog, one of Russia’s ﬁrst investment banks, led a consortium of investors in an historic deal to acquire 49 per cent of Rosgostrakh, a former insurance monopoly in the Russian Federation. Rosgostrakh is a huge organization, with branches spread across Russia’s 11 time zones. In 2001 it collected an amount equivalent to approximately 30 per cent of the market in Russia. Still partly owned by the Russian government, Rosgostrakh is another of the post-Soviet ‘sleeping bears’; this one undoubtedly waking up, but not yet fully active. Troika Dialog, on the other hand, is powered by young, highly motivated investment bankers, who built Troika from an ofﬁce with four unpaid associates into an organization with an enviable clientele – and a reputation for fair practice – both inside Russia and in the international investment community. Founded in 1991, it has the longest operating history of any Russian banking and securities ﬁrm. It provides investing and ﬁnancial advisory services to Russian and foreign companies and is a leading domestic capital raiser. It quotes nearly 150 securities on the Russian Trading System, which it co-founded, and manages portfolio investments of around $10 billion. Euromoney magazine, among others, has consistently ranked Troika Dialog as Russia’s best investment bank and best securities ﬁrm. In 2001 it had 350 employees in Moscow and four regional branch ofﬁces. It also has a subsidiary in the United States. Troika’s CEO and president, Ruben Vardanian, joined Troika in 1991 when he was...
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