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(From The Moscow Times)
Following this week's resignation of Alfa Capital chairman Bernard Sucher, the asset management firm on Thursday announced its consolidation with private equity group Alfa Capital Partners.
Alfa Capital denied speculation that Sucher left amid a disagreement with shareholders.
The board of holding company Alfa Asset Management, or AAM, will make all strategic decisions for Alfa Capital and Alfa Capital Partners, which together manage some 20.5 billion rubles ($770 million), Alfa Capital spokesman Valery Zinchenko said. Alfa Capital and Alfa Capital Partners, which were both established by Mikhail Fridman's Alfa Group, will nevertheless remain independent legal entities, Zinchenko said Thursday. "The decision has been brewing for a long time," Zinchenko said. The consolidation of strategy under AAM was aimed at boosting both companies' efficiency, he said.
Zinchenko said the post of Alfa Capital chairman was being abolished as the firm's structure needed to adapt to Russian market standards, given that 90 percent of its assets under management are from Russian investors.
Mikhail Khabarov, general director of Rosno Asset Management, will take over as Alfa Capital's general director Friday and sit on AAM's board.
While opportunities for cooperation between Alfa Capital and Alfa ...