IEPlus: Russia’s finance firms go fishing
Last weekend, 17 firms from Russia’s financial sector attended a fishing competition for qualified investors, the first corporate event of its kind in the country.
It was organised by Imac, a Russian consulting firm specialising in legal, financial and investment matters on behalf of Russian and foreign financial market players. The event took place in a fishing club outside Moscow.
The list of attendees included banks, brokers, registrars, depositories, investment and fund management firms and representatives from Russia’s main financial regulator, the Federal Financial Market Service.
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Participants formed groups of six – three competitors and three supporters. The event had a relaxed atmosphere, with many attendees bringing along their families. A special pond was available for the kids to practice their own fishing skills, complete with a fishing instructor.
At the end of the competition, the winner was chosen according to the total weight of the catch. The clear leader was Region Asset Management. Despite being a small market player (ranked 42nd by net asset value by Investfunds), the firm came in with an impressive 8.5 kg of fish at the end of the activities.
The firm comfortably beat its closest competitors, Portfolio Investments and Pallada Asset Management, which came in at second and third place with 6.65 kg and 5.95 kg, respectively.
Fishing is a popular pastime in Russia, often enjoyed as a weekend away from home. The competitive spirit that dominates it is akin to the competition between financial service providers for assets and clients, making it a suitable form of entertainment for this group of professionals.
Imac declared the event a success, and plans to make it a regular occurrence from now on. So if you are looking for some time away from the city, pack your fishing rod and head off to Russia next September.