home0006 - Ruben Karlenovich Vardanyan (born 1968)

Ruben Karlenovich Vardanyan (Armenian: Ռուբեն Կառլենի Վարդանյան, Russian: Рубен Карленович Варданян; born May 25, 1968) is an Armenian-born Russian businessman. He is the former ceo and shareholder of the Troika Dialog investment bank.^[2]

Early life and education[edit]

Ruben Vardanyan was born on 25 May 1968, in Yerevan. In 1985 he graduated with honours from Yerevan state school. In 1985, he enrolled in MSU Faculty of Economics. After completing his first year, he did military service in Soviet Azerbaijan and Armenia. In 1992 he graduated with honours from the Faculty of Economics.^[3][4]

Vardanyan had been trained in Cassa di Risparmio di Torino Italian saving bank in Turin and had completed a course on developing markets at Merrill Lynch in NY (1992).^[3][5] Afterwards, he completed short-term courses at INSEAD (Fontainebleau, France, 2000), Harvard Business School (2001, 2005, 2018), Yale University and Stanford GSB (2012, 2013).^[6]

Career[edit]

Troika Dialog[edit]

Main article: Troika Dialog

In September 1990, Vardanyan was introduced to Peter Derby by Pavel Teplukhin. Vardanyan and Derby founded Troika Dialog on 18th March 1991. Vardanyan worked at the company, first as an expert and headed the IPO department. In 1992 Vardanyan entered the executive board and became the executive director. Later he became the president, CEO and chairman of the board of directors of the company. He held the post until the company was sold out.^[3][7] In the early 2000s Troika had its offices in the New York and London.^[8] 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.^[9][10] On March 11, 2011, Sberbank announced 100% acquisition of "Troika Dialog",^[11] the transaction was finalized on January 23, 2012^[12] 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.^[13] 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.^[6]

In March 2011, Sberbank acquired 100% of "Troika" shares for $1 bn.^[14] 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.^[10]

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.^[8][15] Later Vardanyan commented on the investigation, stating that the company "always strived to perform only under the strict principles of legitimacy and transparency".^[16] Austrian prosecution service found no grounds to open an official investigation on the offshore network of Troika Dialog.^[17]

Investment Projects after Troika[edit]

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.^[18] According to b.cm data for 2018, Vardanyan owned 75% in "Vardanyan, Broitman and Co".^[19]

"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.^{[20][21][22][18][23][24]}

In 2015 Ruben Vardanyan launched "Phoenix Advisors", a company engaged in family welfare protection, management and succession planning.^[18]

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.^[25] 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.^[26] Vardanyan denied these accusations.^[27]

Executive Posts[edit]

In 2004-2004 Vardanyan was CEO in Rosgosstrakh and headed "Troika Dialog" at the same time.^[5][6]

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.^[19][6]

Russia[edit]

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.^[6] 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.^[6] 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.^[28] 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.^[6] In 2019, Vardanyan was invited to join the executive board of Moscow-based ACRA rating agency.^[29]

Philanthropy and social entrepreneurship[edit]

Vardanyan has been involved with Pushkin Museum council,^[6] Russian National Orchestra (1996-2006) and The American Russian Youth Orchestra (2001-2003).^[6]

Moscow School of Management SKOLKOVO

He co-founded Moscow School of Management SKOLKOVO and was its president from 2006 to 2011. As of 2019, Vardanyan holds a post of vice-chairman at the Skolkovo advisory board.^[30][31][6] Vardanyan heads the supervisory board at Skolkovo Institute for Emerging Market Studies (SIEMS).^[6] In 2000-2016 Vardanyan was a member of the university endowment supervisory board at Russian New Economic School, in 2008-2009 holding a seat at the advisory board.^[6] He holds or previously held seats in supervisory boards of Russian Presidential Academy of National Economy and Public Administration (since 2014), MSU Faculty of Economics (2014-2017), international councils at Brazilian Fundação Dom Cabral' (since 2009), Japanese International Christian University (2011-2015), and GuangHua management school in China.^[6]

United World College Dilijan

In 2013 Ruben Vardanyan, together with his Veronika Zonabend and partners established UWC Dilijan College - an international boarding school for gifted youth (16–19 years) in Armenian city Dilijan.^{[32][33][34][35]}

In early 2000s Ruben Vardanyan and Armenian-American venture philanthropist Noubar Afeyan initiated the "Armenia 2020" project.^[36]

Tatev Monastery, known for having the world's longest cableway, restored via Tatev Revival Project of Vardanyan's IDea Foundation

Tatev Revival Project, a venture by Vardanyan's IDea Foundation, supports Tatev monastery restoration program. In 2010, the Dzit Han oil mill was restored and opened for visitors.^[37][38][39]

In 2015, the Saint George's Church in Georgian Tbilisi was restored. The three-year long reconstruction project was financed by several philanthropists, including Ruben Vardanyan.^[40] Vardanyan was one of the project benefactors of Armenian Cathedral of Moscow consecrated in 2017.^[41] In May 2017 the restored Church of Holy Mother of God was opened Moushkapat, Artsakh.^[42] Restoration of Yukhari Govhar Agha Mosque in Shusha in 2019 was supported by Vardanyan's Revival of Oriental Historical Heritage Foundation.^[43]

The Foundation for Armenian Science and Technology (FAST) was established in 2016 by Vardanyan, Noubar Afeyan (of IDeA), Fr. Mesrop Aramian (of Ayb and Luys) and IT-businessman Artur Alaverdyan.^[44]

Aurora Humanitarian Initiative[edit]

Main article: Aurora Prize for Awakening Humanity

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.^[45][46][47]

Personal life[edit]

Vardanyan is married to Veronika Feliksovna Zonabend who is of Jewish origin.^[48] They have four children. Their eldest son served in the military in Nagorno-Karabakh during 2016 clashes.^[^{citation needed}^]

Vardanyan's wife graduated from the Moscow Aviation Institute, served as an engineer at the Scientific Research Institute of Avionics. From 1993 she held the post of deputy director of Foreign Exchange Department at TverUniversalBank. In 1994-1995 she studied banking and finances at the London School of Economics and Political Science, started her own business in 1999. Zonabend is the co-founder of the Armenian UWC Dilijan College, she is a member of its board of trustees and holds a post at the American University of Armenia advisory board. Zonabend is the head of the executive board at the "Teach For Armenia" educational foundation.^[49] She is occupied with numerous charity, social and business projects, led by her family philanthropic foundation.^[50]

Vardanyan's elder sister Marine Ales is a composer and songwriter in Russian and Armenian languages, a member of the Aurora Prize Creative Council, and co-founder of "Grant Life Armenia" charity fund.^[51]

In June 2021, Vardanyan acquired Armenian citizenship. "For me this was a very vital decision that I made after the Artsakh War, realizing that the current situation does not allow us all to be indifferent, to not think, to not worry, to not try to change the future of our Armenian world anymore," Vardanyan said in a video message standing with Armenian passport in his hands. "Today, standing on this land, which is an important place for me, I want to say that I am the owner. I am the owner of this land. I am the owner of Armenia. I am the owner of the Armenian world. We are the owner," he added. ^[52]

Awards[edit]

Ruben Vardanyan has been awarded numerous awards and accolades, such as Businessman of the Year by (American Chamber of Commerce in Russia, 1999), "Best business manager on Russia's capital market" by Career magazine (1999, 2000), Entrepreneur of the Year Award by Ernst & Young (2004), "Investment banker of the year" by the National Association of Stock Market participants (2004, "Stock market elite" competition), the Aristos prize in management (2006), Russian GQ "Man of the Year" as Best Entrepreneur (2010).^[53][6]

In 2001 the Fortune magazine put Vardanyan into its "25 Rising Stars of the New Generation" chart. The same year, Vardanyan was included in the list of the "100 Global Leaders of Tomorrow" at the World Economic Forum.^[54][6]

Vardanyan was awarded the Order of St. Mesrop Mashtots by the president of the Republic of Tatarstan in 2011, the Order of Saint Gregory the Illuminator by Armenian Church in 2013, and Order of Friendship in recognition of fruitful cooperation with the Republic of Tatarstan, contribution to the development of entrepreneurship, and public service, by the president of Tatarstan Rustam Minnikhanov in 2018. The same year, Vardanyan received Academy of International Business Presidential Award for contribution to the development of education, and, with co-founder of ‘Aurora’ humanitarian initiative Noubar Afeyan), Search for Common Ground prize to honor accomplishments in conflict resolution, negotiation, community building, and peace-building.^[6]

References[edit]

^ Ghazanchyan, Siranush (23 June 2021). "Ruben Vardanyan takes up Armenian citizenship". Public Radio of Armenia. Retrieved 3 July 2021. Armenian businessman and philanthropist, Aurora Initiative co-founder Ruben Vardanyan has become a citizen of Armenia.
^ "Рубен Варданян". Forbes.ru (in Russian). Retrieved 13 July 2022.
^
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^a ^b ^c "Официально" [It’s Official]. Kommersant—Ogoniok. 25 November 2013.
^ ""Мне в жизни невероятно повезло с менторами"" ["I Got Incredibly Lucky With Mentors"] (in Russian). Kommersant—Ogoniok. 25 November 2013.
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^a ^b "Избран председатель Совета директоров ОАО "Российская венчурная компания"" [Russian Venture Company Announces New Chairman of the Board of Directors] (in Russian). RBC. 26 August 2011.
^
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^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k ^l ^m ⁿ ^o ^p "Биография Рубена Варданяна" [Ruben Vardanyan: Bio] (in Russian). FinParty.ru.
^ Martov, V., Lisitsin, D. (2016). Мечта о "Тройке". Как самый необычный инвестбанк России стал национальным чемпионом [Dreaming about "Troika": How the Most Extraordinary Russian Investment Bank Became National Champion] (in Russian). Moscow: Mann, Ivanov & Ferber. p. 192. ISBN 978-5-00057-658-8.
^
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^a ^b OCCRP Investigation (4 March 2019). "Кошелек российской элиты: Как устроена офшорная империя "Тройки Диалог"" [Russian Elite Finances: ‘Troika Dialog’ Offshore Empire] (in Russian). Meduza. Retrieved 8 June 2019.
^ Asker-Zade, Nailya (9 March 2011). ""Тройка диалог" могла остаться без прибыли в 2010 г." ["Troika Dialog" Could Have Missed Its Profits in 2010]. Vedomosti (in Russian).
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^a ^b Zubova, H. (10 September 2013). "Как экс-владелец "Тройки Диалог" стал обладателем состояния в $800 млн" [Former "Troika Dialog" Partner Gets $800 Net Worth]. Forbes (in Russian). Retrieved 25 June 2019.
^ Asker-Zade, Nailya (11 March 2011). "Сбербанк объявил о покупке "Тройки диалог"" [Sberbank to Acquire "Troika Dialog"]. Vedomosti (in Russian).
^ "Сбербанк и Тройка Диалог закрыли сделку по объединению" [Sberbank and "Troika Dialog" to Finalize the Acquisition] (in Russian). RIA Novosti. 23 January 2012.
^ Trunina, A., Litova, A. (17 September 2019). "Сбербанк заявил об отсутствии спроса на услуги своего инвестподразделения" [Sberbank Announces No Demand On Its Investment Arm] (in Russian). RBC.
^ "Нельзя войти на сайт Сбербанка в этом браузере". www.sberbank.com. Retrieved 13 July 2022.
^ Organized Crime and Corruption Reporting Project. "The Troika Laundromat". OCCRP. Retrieved 8 June 2019.
^ ""Смешалось все": Рубен Варданян ответил на обвинения в адрес "Тройки Диалог"" ["All Mixed Up": Ruben Vardanyan Comments "Troika Dialog" Accusations]. Forbes (in Russian). 7 March 2019. Retrieved 8 June 2019.
^ Kazarnovsky, P. (17 September 2019). "Прокуратура Австрии отказалась возбуждать дело об офшорах "Тройки Диалог"" [Austrian Prosecution Service Refuses to Open Case on "Troika Dialog" Offshores] (in Russian). RBC.
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^a ^b ^c Verzhbitsky, A. (18 September 2015). "Жизнь после "Тройки": чем занимается Рубен Варданян" [Life After "Troika": What Does Ruben Vardanyan Do]. Forbes (in Russian).
^
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^a ^b Suvorova, N., Mudriy, S. (10 July 2018). "Бизнес-кодекс: Рубен Варданян, предприниматель, инвестбанкир и филантроп" [Business Code: Ruben Vardanyan, Entrepreneur, Investment Banker and Philanthropist] (in Russian). Inc.Russia.
^ Ischenko, N. (31 January 2018). "Global Blue и Рубен Варданян создадут оператора tax free в России". Vedomosti (in Russian).
^ Filatov, A. (9 February 2018). "Рубен Варданян делит недвижимость со своим партнером" [Ruben Vardanyan And Partner Separate Assets]. Vedomosti (in Russian).
^ "Короли российской недвижимости за год заработали на аренде более $8 млрд" [Russian Real Estate Kings to Earn $8 Bln per Year on Leasing]. Forbes (in Russian). 25 January 2018.
^ Vedomosti (4 February 2015). "Рубен Варданян займется перевозками нефти" [Ruben Vardanyan Starts Oil Freight Business]. Vedomosti (in Russian).
^ Yastrebova, S., Kantyshev, P. (22 March 2018). ""Дочка" "Ростеха" и фонд Рубена Варданяна вложились в технологию распознавания лиц" [Ruben Vardanyan Fund and Rostec Subsidiary to Invest Face Recognition Technologies]. Vedomosti (in Russian).
^ "Взятки. Дворцы. Самолеты. За что продали народ Татарстана". Алексей Навальный. Retrieved 23 March 2021.
^ "Relatives of Tatarstan's leader own millions of dollars in luxury real estate, anti-corruption activists reveal — Meduza". Meduza. Retrieved 23 March 2021.
^ "«Это полная чушь»: Варданян ответил на расследование фонда Навального о «взятке» семье президента Татарстана". Forbes.ru (in Russian). Retrieved 23 March 2021.
^ "Ротарианская гвардия" [The Rotarian Elite]. Kommersant (in Russian). 19 September 2005.
^ "Предприниматель Рубен Варданян принял предложение войти в совет директоров АКРА" [Businessman Ruben Vardanyan Accepts ACRA Executive Board Invitation] (in Russian). PRIME. 18 January 2019.
^ "Рубен Варданян покинул пост президента московской школы управления "Сколково"" [Ruben Vardanyan Leaving Presidency at Moscow School of Management Skolkovo] (in Russian). newsarmenia.am.
^ "Глава "Тройки Диалог" ушел с поста президента "Сколково"" ["Troika Dialog" Head to Leave Skolkovo President Seat] (in Russian). Lenta.ru.
^ Zvezdina, A. (4 September 2017). "Школа цвета гор на закате" [The School of Dawn Mountains Colour]. Kommersant (in Russian).
^ Shiloh, M. (4 September 2017). "Как меценаты поддерживают образовательные проекты" [How Philanthropists Support Educational Initiatives]. Vedomosti (in Russian).
^ "Radius of Trust" // Forbes Life, №2, July 2013".
^ Rashid, Brian. "United World College Dilijan: A Lens Into The Future Of Education". Forbes. Retrieved 8 February 2018.
^ Antziperova, M. (12 October 2017). ""Модель процветания требует воли, амбиций и риска"" [This Success Model Demands Will, Ambition and Risk]. Forbes (in Russian).
^ Gabrielyan, H. (16 October 2015). ""Крылья Татева": Зачем Армении самая длинная канатная дорога в мире" [Wings of Tatev: Why Does Armenia Need World Longest Cableway?] (in Russian). RFI.
^ "Ruben Vardanian: "A model for prosperity requires will, ambition, and risks"". mediamax.am. Retrieved 8 February 2018.
^ "Возрождение Татева" [Tatev Revival] (in Russian). IDEA.
^ "Восстановление кафедрального собора Сурб Геворг позволит армянской общине Грузии жить полноценной духовной жизнью" [Saint George's Church To Fulfill Spiritual Needs of Georgian Armenians] (in Russian). Armenpress. 31 October 2015.
^ Korobov, P. (17 September 2013). "Армяне построили духовный центр в Москве" [Armenian Church Complex to Open in Moscow]. Kommersant (in Russian).
^ "Нагорный Карабах пользуется популярностью у туристов" [Nagorno-Karabakh Becomes Popular With Tourists] (in Russian). Regnum. 7 December 2017.
^ "Верхняя мечеть Шуши обрела вторую жизнь" [The Yukhari Govhar Agha Mosque Is Revived] (in Russian). Golos Armenii. 15 October 2019.
^ "Запускается фонд FAST" [FAST Foundation Gets to Work] (in Russian). Mediamax. 12 April 2017.
^ "К 100-летию геноцида армян запустят благотворительный проект "100 жизней"" [100 LIVES Projects Marks 100th Anniversary of the Armenian Genocide] (in Russian). Lenta.ru. 10 March 2015.
^ Chernyh, A. (10 March 2015). "Рубен Варданян инвестировал в правозащиту. Российский бизнесмен учредил крупнейшую гуманитарную премию" [Ruben Vardanyan Invests in Human Rights. Russian Entrepreneur Founds Biggest Humanitarian Award]. Kommersant (in Russian).
^ Маргарита Фёдорова (29 May 2017). "Шарль Азнавур назвал лауреата Aurora Prize" [Charles Aznavour Announced New Aurora Prize Laureate]. Kommersant (in Russian).
^ Schimpfössl, Elisabeth (2018). Rich Russians: From Oligarchs to Bourgeoisie. Oxford University Press. p. 201. ISBN 9780190677763.
^ "Послы Teach for Armenia, создающие будущее" [Ambassadors of Teach for Armenia Create the Future] (in Russian). Mediama. 5 June 2017.
^ "Бывшая жуковчанка создает международную школу" [Former Zhukovsky Resident Creates International School] (in Russian). Жуковские. 13 January 2014. Archived from the original on 30 January 2018.
^ "Поэтесса Маринэ Алэс — памяти жертв геноцида" [Marine Ales Poetess to Victims of Henocide] (in Russian). 100 LIVES.
^ Ghazanchyan, Siranush (23 June 2021). "Ruben Vardanyan takes up Armenian citizenship". Public Radio of Armenia. Retrieved 3 July 2021. Armenian businessman and philanthropist, Aurora Initiative co-founder Ruben Vardanyan has become a citizen of Armenia.
^ ""АРИСТОС" значит лучший" [ARISTOS Means The Best] (in Russian). Boss magazine. Retrieved 8 June 2019.
^ "Жюри конкурса стартапов Forbes" [Forbes Start-up Competition Jury]. Forbes (in Russian). 26 June 2011. Retrieved 4 June 2018.

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