PJSC Arsagera Management Company (Arsagera) is a Russian management company. The word "Arsager" ( lat. Ars [1] - art, science, Agere [2] - to manage, create) in translation into Russian should be understood as "science to manage." Known in the world market as the first management company in Russia to announce an IPO .
| PJSC Management Company Arsager | |
|---|---|
| Type of | Public company |
| Exchange listing | |
| Base | 2004 |
| Location |  Russia : St. Petersburg |
| Key figures | Vasily Soloviev - Chairman of the Management Board |
| Industry | fund management ( ISIC :6630 ) |
| Products | Mutual funds , trust management , real estate funds |
| Number of employees | 25 |
| Site | arsagera.ru |
He is engaged in capital management in the securities and real estate markets , mutual fund management and individual trust management . For 2019, the company manages three open- end funds , two interval funds and one closed- end mutual fund . The creator of the book on investments "Notes in investing" [3] .
The company office is located in St. Petersburg.
Company History
Company Founding
On August 23, 2004, three former top managers of PSB Management Company Vasily Soloviev, Alexey Astapov and Andrey Belyavsky register an open joint-stock company (until 01.09.2014, hereinafter referred to as public joint-stock company [4] ) Arsager Management Company. At the stage of developing a project to create an organization, it was determined that the business should be public, and the widest possible range of Russian institutional and private investors should become the owner of this business.
Independence and Publicity
In the first decade of the 21st century, the common practice was the existence of a management company consisting of banks , financial holdings and industrial groups. One of the minuses of this state of affairs is a possible conflict of interests between structures. In this case, a conflict of interest refers to a situation in which the interests of the parent structure: bank , holding , are put higher than the interests of the clients of the management company. For example, if a bank holds bonds , then these bonds will be purchased in client portfolios , regardless of their real investment attractiveness.
In order to avoid such situations, the stage of creation, the company announced its independence from existing financial institutions. The founders paid the authorized capital only half, and the second part was offered by subscription to an unlimited circle of people. Shares were offered at a price of 1 rub. per share [5] . The authorized capital was fully paid only in mid-2005. The total number of shareholders of Arsager Management Company as of September 12, 2006 was 28 people [6] .
The founders of Arsager Management Company argued that the independence and publicity of the company, as well as the absence of a major controlling shareholder , would allow it to fully concentrate on the interests of customers. Experts were skeptical about the chances of success of this development path. In particular, the newspaper “ Business Petersburg ” (No. 114 dated 06/25/2004) posted an editorial on this subject. Despite such pessimism, on July 24, 2004, a constituent meeting was held at the Europe Hotel, in which 13 people participated and a decision was made to create a company with a registered capital of 120,010,000 rubles.
Start of operations and first funds
In early 2005, the company obtained licenses for the management of mutual investment funds and securities management . In mid-May of the same year, the company received the first means of management.
Initially, the activity was carried out exclusively on the securities market , but in September 2005 the real estate fund was registered - ZPIF “Arsager - Housing Construction”, the meaning of which is an investment in residential real estate under construction [7] [8] .
Public offerings
At the end of 2007, the company held a public offering of shares (IPO) , becoming the first representative of the investment business in Russia to offer its shares on the open market. The goal was to attract investors and ensure the flow of funds that were sent to the development of the company [9] .
In February 2008, the company's shares were listed on the MICEX Stock Exchange [10] [11] .
Financial literacy activities
Since 2008, the company begins public coverage of the results of monitoring the status of corporate governance in Russia, and also conducts an active educational policy. The goal is to restore the confidence of the masses in this type of investment as investing after the crises of 1998 and 2008 .
In this regard, in 2009 launched an online project to increase the level of financial literacy of the population - “Investars” [12] (currently support for the project has been completed), and at the beginning of 2012 the Internet resource “Blogoforum” was opened, dedicated to the fundamental analysis of large public companies based on their financial statements .
In 2013, Notes on Investing was published on investments and capital management, followed by two more reprints [13] [3] [14] . In the summer of 2014, the Code of Professional Member of the Board of Directors was published, which is a guide to corporate governance .
Company Current Position
The total number of shareholders of Arsager Management Company as of May 28, 2018 was 758 people [15] . 80% of the company's employees are its shareholders or customers. The company manages six mutual funds and implements individual trust management (IMU). Net assets (BV) as of September 30, 2018 amounted to 213,327 thousand rubles. He is the winner of the contest “Stock Market Elite 2017” in the nomination “The Best Management Company of the North-West Region” [16] .
What Arsager CC is known for.
The first IPO among management companies
In 2007 , apparently in the wake of a “popular” IPO , the company announced an additional public offering. It is difficult to call the IPO very successful: the company placed only 3.8 million shares at a price of 4.3 rubles (approximately 16 million rubles), although it was originally announced the issue of 100 million shares, of which 11 million were supposedly already buyers before the start of sales [5 ] . This amounted to about 3% of the share capital. In the history of the Russian stock market, this is the first case of a public offering of shares of a management company [17] . The number of shareholders after the placement exceeded 150 people.
Under the terms of Russian law, the main and additional issues are combined by order of the Federal Financial Markets Service of Russia within three months after the registration of the report on the results of the issue. However, without waiting for a three-month period, immediately after the registration of the report, the company conducted a listing of the additional issue shares and on February 8, 2008 they were admitted to trading on the MICEX ( ticker - ARSA ).
During the first week, transactions with shares on the stock exchange took place at a price of 4.95 rubles. However, the small total volume of the additional issue and the small volume of this issue, deposited on the exchange for trade, led to a significant excess of demand over supply. Since February 20, 2008, the price of shares of the additional issue increased by 30-40% per day. On March 5, the price per share reached the level of 111 rubles. In the history of Russian stock trading, this is a record growth in stock prices over a short period of time. As a result, the total market value of the three-year-old company was 13.7 billion rubles, or $ 0.5 billion. This is approximately at the level of KAMAZ , Aeroflot , Wimm-Bill-Dann .
Real Estate Funds
One of the areas of activity of the company is residential real estate funds. This is a type of mutual funds that buy apartments instead of stocks. As a result, the value of a unit is tied to the value of apartments (average cost per square meter) owned by such a mutual fund . For a shareholder, this allows real estate investments to be made in very small amounts - from a few thousand rubles, without having to complete the purchase of real estate. The Moscow Real Estate Fund is contacting the company’s real estate fund: Arsager-Housing. The Arsager-Housing Construction Fund was included in the calculation of the MICEX technical index for shares. On March 2, 2009, the exchange stopped calculating this index.
Protecting the rights of minority shareholders
The company actively protects the rights of minority shareholders in cases where they are violated during the reorganization of joint-stock companies and other violations. The company tries to conduct litigation as publicly as possible, laying out documents, results and names of judges. The results of the vessels (with Gazprom [18] and Mechel OAO [19] ) are reported in the media.
Corporate Governance Study in Russia
The company regularly monitors the status of corporate governance, evaluating about 200 public Russian joint-stock companies according to more than 60 criteria. Since 2008, the results of this study are publicly disclosed.
Book Notes in Investing
Since 2013, the company has been publishing the book Notes in Investing, which sets out the basic principles of the economy as a whole and the stock market in particular. The book is distributed free of charge as part of a strategy to improve the financial literacy of the population [3] [20] [21] .
Notes
- ↑ ars - Wiktionary . en.wiktionary.org. Date of treatment March 19, 2019.
- ↑ agere - Wiktionary . en.wiktionary.org. Date of treatment March 19, 2019.
- ↑ 1 2 3 Arsager's Criminal Code. The book on investments . Notes in investing . arsagera.ru. Date of treatment March 19, 2019.
- ↑ Public and non-public joint-stock companies: what has changed . www.iarex.ru. Date of treatment March 19, 2019.
- ↑ 1 2 George Andreev. Dear venture . Expert (July 2, 2007). Date of treatment July 15, 2014.
- ↑ Arsager Management Company Composition and structure of shareholders . stock.arsagera.ru. Date of treatment March 19, 2019.
- ↑ Arsager Management Company Investment conditions . arsagera.ru. Date of treatment March 19, 2019.
- ↑ Management companies go into real estate . RBC Real Estate. Date of treatment March 19, 2019.
- ↑ "Arsager" is located . www.dp.ru. Date of treatment March 19, 2019.
- ↑ Arsager saved on placement // Kommersant.
- ↑ RBC daily: The first UK on the stock exchange. Arsager brought shares on the MICEX. Stock market, buying and selling stocks, stock quotes, brokers and brokerage services | Stocks.investfunds.ru . stocks.investfunds.ru. Date of treatment March 19, 2019.
- ↑ Financial portal - stocks and competitions, prizes - securities and investment literacy . investars.ru. Date of treatment March 19, 2019.
- ↑ The second edition of the book on capital management, Notes in Investing, has been published . www.dp.ru. Date of treatment March 19, 2019.
- ↑ Arsager Management Company Notes on investing. Book on investments and money management . arsagera.ru. Date of treatment March 19, 2019.
- ↑ Arsager Management Company Composition and structure of shareholders . stock.arsagera.ru. Date of treatment March 19, 2019.
- ↑ NAUFOR: Winners of the Stock Market Elite 2017 Competition . naufor.ru. Date of treatment March 19, 2019.
- ↑ Victoria Aleinikova. The first Criminal Code on the stock exchange . RBC daily (February 15, 2008). Date of treatment July 15, 2014.
- ↑ Kirill Melnikov. FAS did not recognize the new face of Gazprom . Kommersant (November 29, 2013). Date of treatment July 15, 2014.
- ↑ Alexei Topalov. Mechel was caught by the hand . Newspaper.Ru (November 20, 2013). Date of treatment July 15, 2014.
- ↑ How to stop being afraid of the stock market and start investing . varlamov.ru. Date of treatment March 19, 2019.
- ↑ Arsager - Notes on investing. Review | Investments in the style of IVF. Ecoinvestor (Russian) (neopr.) ? . Investments in the style of IVF. Financial Literacy Blog. (July 21, 2016). Date of treatment March 19, 2019.