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| Additional information |
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| Wermuth Asset Management GmbH |
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Mission statement:
Our mission is to serve our investors by generating alpha and total returns while maintaining high ethical standards and supporting sustainable business practices
We align the incentives of our investors and the Investment Adviser both on the up- and downside through remuneration packages that include co-investments in the funds we advise.
We each aim to achieve financial independence through hard and intelligent work, risk and performance sharing.
We are committed to a life of service through building ethical and sustainable businesses, and our track record is proof that one can do business successfully in emerging markets without compromise. |
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Overview:
Wermuth Asset Management GmbH (WAM, founded in 1999) is a German family investment firm that acts as an adviser on alternative investments in Eastern Europe and primarily, Russia. WAM headquarters are located in Wiesbaden (Germany) with a branch in Moscow (Russia), where most of the principals are based. WAM is the exclusive Investment Adviser to several funds and SPVs, whose investors include high net worth individuals, family offices, funds of funds, banks, pension funds, endowments and sovereign wealth funds. The Company has overseen over USD 1bn in equity investments in Russian listed debt and equity, private equity, real estate, agriculture and forestry.
WAM is a member of the Alternative Asset Management Association (AIMA), the European Business Association Moscow, the World Economic Forum’s group of Global Growth Companies, the German-Russian Foreign Trade Chamber Moscow, and the Moscow Branch is registered with the Russian Chamber of Commerce.
WAM’s mission is to deliver value in an ethical and sustainable fashion.
The interests of WAM’s clients are aligned with those of WAM principals and staff through co-investments in funds, payment of performance-related bonuses in locked-up fund shares, and cost efficient operations. |
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History:
WAM and its co-founders have a long history successfully managing investments in the sometimes challenging Russian financial markets. The firm and its founders navigated Russia’s default in 1998, the 2004 Yukos affair and the 2008 global credit crunch, and have learned important lessons along the way.
WAM’s co-founder, Jochen Wermuth, has been working in the Russian markets since 1993. In 1997 he acted as Head of an Expert Economic Group advising the Finance Ministry of the Russian Government. Jochen was one of the founders of the Greater Europe Fund (GEF), which started investing in March 1998 as a family office.
During the crisis that ensued in late 1998, the fund went long on German bunds and GEF grew steadily as the Russian markets recovered. WAM itself was established in 1999 to manage GEF.
In 2003, WAM opened GEF to other investors, attracted its first outside money, and the firm grew on investor demand for alternative asset managers with experience and track record in the Russian market. Following 2003, WAM became the exclusive Investment Adviser to several funds and SPVs whose investors include high net worth individuals, family offices, funds of funds, banks, pension funds, endowments and sovereign wealth funds.
By 2007, the firm had over $1 billion in assets under management, and the Greater Europe Fund had produced returns of 21% p.a. since its foundation. The Fund won several awards during this period, including “Best Performing Global Macro Hedge Fund” (Hedge Fund Review 2004 and 2006) and “Top Hedge Fund” by Bloomberg Markets January 2007.
The global financial crisis that struck in 2008 was especially challenging for many asset managers and private equity funds, and WAM was no exception (more details here). As a result, however, we have emerged from the crisis stronger, and have put in place new, innovative structures to give our investors the flexibility they require while maintaining the ability to manage investments with a long-term view.
Today, WAM advises funds with $205 million in assets in Russia/CIS listed debt and equity, private equity, real estate, agriculture and forestry. |
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