PIOGLOBAL ASSET MANAGEMENT, one of the oldest Russian managing companies, and the PIOGLOBAL real estate investment fund have finally changed their owners. The Russian assets of the American PIONEER GROUP have caught the attention of St. Petersburg’s CIT FINANCE investment bank. Experts do not rule out that the new owner was acting in the interests of a client. As of July 1, 2006, the National Rating Agency reported, assets managed by PIOGLOBAL ASSET MANAGEMENT equalled roughly R7.6 billion, which earned the company 17th place by that index. From January to July, CIT FINANCE capital rose by 53.4% to R4.8b, assets — 50.9% to R28b. Balances on clients accounts have risen by 31.9% since year’s start to R15.4b, including household accounts — 3.1 times to R984.1m.
Source: VEDOMOSTI, August 21, 2006
