Ruben Vardanyan (businessman)

In September 1990, en route to Maastricht conference, Vardanyan met Pavel Teplukhin. In November of the same year, Teplukhin introduced Vardanyan to Peter Derby, a Russian American who planned to establish a trading company in Russia and offered Vardanyan to join his team. The significant amount of time had been consumed by Russian bureaucracy, so only on March 18, 1991, Troika Dialog was officially registered. Since the very first days, Vardanyan worked at the company, first as an expert (1991—1992), then growing to the Head of the IPO department. In 1992 Vardanyan entered the executive board, taking chairs of executive director, president, CEO and chairman of the board of directors of "Troika Dialog" group. He held the post until the company was sold out.[2][6]

"Troika Dialog" trading company was registered in 1991, followed by an asset management company in 1996. In the early 2000s "Troika" established offices in New York and London.[7] As of 2011, the partners held 63.6% of "Troika Dialog" shares, with 40% owned by Vardanyan. At financial year-end 2010, "Troika" assets totaled $5.75 bln, $872 mln equity and $42.346 mln revenue.[8][9]

On March 11, 2011, Sberbank announced 100% acquisition of "Troika Dialog",[10] the transaction was finalized on January 23, 2012[11] The merger resulted in the launch of Sberbank CIB, a corporate investment business. In 2012 the asset management business merged into united holding, consolidating product ranges and executive boards of Sberbank on the base of "Troika Dialog". In 2018 Sberbank announced the merge of investment and corporate businesses into a single block.[12] Since the sale of "Troika Dialog" up to 2015, Vardanyan co-headed Sberbank CIB, also holding posts of the presidential adviser and Sberbank's chairman of the board.[5]

Sberbank acquired 100% of "Troika" shares for $1 bln. The agreement also included "Troika's" partners bonuses for 3 years, thus the overall deal cost totaled $1.4 bln. Before the sale, Vardanyan owned the major block of shares (40%), estimated at $560 mln. In requital he was offered 20.5% in AvtoVAZ and 27.3% in Kamaz, later sold out with a profit. By 2013 Forbes estimated Vardanyan's net worth at $800 mln.[9]

On March 4, 2019, Organized Crime and Corruption Reporting Project (OCCRP) published an investigation on the ‘Troika Laundromat', reporting on its network of 76 offshore companies, facilitating around $4.6 bln.[7][13] Later Vardanyan commented on the investigation, stating that "Troika" "always strived to perform only under the strict principles of legitimacy and transparency".[14] Austrian prosecution service found no grounds to open an official investigation on the offshore network of "Troika Dialog".[15]

In 2013 Vardanyan teamed with his ex-partner in "Troika" Mikhail Broitman and launched investment company ‘Vardanyan, Broitman and Co’. The company offered its clients deal structuring, capital raising, direct asset management and transaction support for traditional and venture projects.[16] According to b.cm data for 2018, Vardanyan owned 75% in "Vardanyan, Broitman and Co".[17]

"Vardanyan, Broitman and Co" assets include shares in Ameriabank, UFS Transport operator, and several venture projects (Lamoda, Pronutria, NtechLab). Major investments are placed in real estate management. In 2013 Vardanyan acquired a 50% share in Avica Management Company, an investment fund, established by Gagik Adibekyan's RD Group. In February 2018 the partners announced a split, dividing real estate assets of estimated $1 bln value. Vardanyan was to keep offices, including Romanov Dvor and Vozdvizhenka business centres. Also in 2018 Vardanyan and Global Blue announced the launch of Global Blue Russia, a first tax-refunding company in Russia.[18][19][20][16][21][22]

In 2015 Ruben Vardanyan launched "Phoenix Advisors", a company engaged in family welfare protection, management and succession planning.[16]

In 2020, the Anti-Corruption Foundation, a Russian NGO led by Russian opposition figure Alexey Navalny, published an investigation which concerned Santerna Holdings Limited, a company owned by Vardanyan.[23] Citing Santerna's publicly available annual reports, the investigation found that, in 2016, Santerna invested almost $33.45 million in Luchano - a spa business owned by Gulsina Minnikhanova, the wife of the President of Tatarstan Rustam Minnikhanov. The annual reports showed that Santerna's auditors applied a $26.8 million impairment charge shortly after the investment, reducing Santerna's stake in Luchano to $6.6 million. In 2018, Santerna made another investment of $10 million in Luchano. Months later, the same auditors applied another impairment charge, further bringing down the value of Santerna's investment, to $5 million. Based on this financial activity, whereby Santerna willingly overpaid twice, the Anti-Corruption Foundation asserted that Vardanyan's company made two disguised gifts, or bribes, to the wife of the President of Tatarstan. In the aftermath of both investments, investigative journalists found millions of dollars of luxury real estate owned by Minnikhanov's family.[24] Vardanyan denied these accusations.[25]

In 2004-2004 Vardanyan was CEO in Rosgosstrakh and headed "Troika Dialog" at the same time.[4][5]

According to the data in October 2019, Ruben Vardanyan has seats in executive boards of Kamaz, Ameriabank, Global Blue Russia Holdings B.V. He also is a member of the investment committee Avica Property Investors International, a member of the supervisory board at Investment and Venture Fund of the Republic of Tatarstan, and a chairman of the editorial committee international at BRICS Business Magazine. Throughout his career, he had posts in the various expert, executive, and advisory boards both in Russian and international leading companies, such as Sollers JSC, AvtoVAZ, Sibur, Novatek, Sukhoi Civil Aircraft Company, Sheremetyevo International Airport, Rosgosstrakh, International Finance Corporation, Standard Bank, Marsh & McLennan Companies, etc.[17][5]

Ruben Vardanyan has held seats in expert committees and executive boards of various Russian stock market organizations, such as the Russian Trading System (1998—2001), the Moscow Stock Exchange (1997—2002), the Federal Commission on Securities Market (1996—2002), the Depository Clearing Company (1995—1999), the National Association of Stock Market participants (1997—2006). He also headed the National Association of Stock Market participants in 1997–1998.[5] Since 2000, Vardanyan has been a member of the Russian Union of Industrialists and Entrepreneurs (RSPP), up to 2012 he held a seat at the executive board. From 2002 he is included in RSPP Joint Commission for Corporate Ethics. In 2009 he entered the Committee on Innovative Policy and Entrepreneurship.[5] Vardanyan was one of the co-founders of the "2015 Club", an informal Russian businessmen organization, that worked on strategic planning for the Russian economy up to 2015.[26] Since 2010 Vardanyan is a member of trustees at the Alexander Gorchakov Public Diplomacy Fund. In 2015 he co-founded the Primakov Center for International Cooperation, currently Vardanyan is a member of its advisory board.[5] In 2019, Vardanyan was invited to join the executive board of Moscow-based ACRA rating agency.[27]

The start of the 100 LIVES project was announced in March 2014, marking the 100th anniversary of the Armenian genocide. The Aurora Prize for Awakening Humanity was launched on the same evening. The award was established to acknowledge "those, who risk their lives for the sake of others". The Laureate receives $1 mln prize to support any philanthropy organization of his choice. The award was co-founded by Ruben Vardanyan, Noubar Afeyan, and Vartan Gregorian.[43][44][45]