USRCCNE

The U.S. - Russia Chamber of Commerce of New England

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"Equity Market Overview"
More about the speaker

William Browder
Chief Executive Officer
Hermitage Capital Management

William Browder is the founder and CEO of Hermitage Capital Management, the leading international asset management firm specializing in Russian equities. The firm’s clients include high net worth individuals and major financial institutions. Hermitage Capital Management currently has around $1.5 billion invested in Russia.

Under Mr. Browder’s leadership, The Hermitage Fund has increased in value by 837% compared to 178.98% for the CSFB ROS Index since its launch in 1996 (to December 31, 2002). It has been ranked the World’s Best Performing Emerging Markets Fund over a five-year period by Nelsons (1996-2001). The Hermitage Fund was also awarded the Best Performing Fund in the World by Micropal (1997) and the Best Russian Fund by Lipper (1997-1998).

Mr. Browder’s position on corporate governance practices in Russia has made him a leading shareholder rights activist and outspoken fighter for better corporate governance. He has been credited for a number of breakthroughs in improving corporate standards at major Russian companies, including Unified Energy Systems and Gazprom. He also spearheaded radical changes in the Russian corporate law, which resulted in pre-emptive rights being granted to minority shareholders in all Russian companies.

Mr Browder serves as Chairman of the Russia Task Force for the Institute of International Finance, Inc., is a member of the OECD/World Bank roundtable on Corporate Governance in Russia and a Member of the International Corporate Governance Network. Mr. Browder often reports on shareholder rights issues to international financial organizations and government agencies. He was named a Global Leader of Tomorrow at the World Economic Forum in Davos 2001, a Henry Crown Fellow at the Aspen Institute and is a regular speaker at Bloomberg, CNBC, Euromoney conferences and serves as a Russia expert to FT, Wall Street Journal and New York Times.

Mr. Browder started Hermitage Capital Management in 1996 in partnership with the late Edmond Safra. The firm is now a member of the HSBC group.

Prior to starting Hermitage, Mr. Browder was Vice President at Salomon Brothers where he managed the firm’s proprietary investments in Russia. Before that, he was management consultant with the East European practice of the Boston Consulting Group in London. He received an MBA from Stanford Business School and a BA in Economics with highest honors from the University of Chicago.

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