Stars of the New Russia

Global Finance, Apr 2004

BEST EQUITY RESEARCH

BRUNSWICK UBS

In a competitive market where three houses regularly vie for top slot, UBS Brunswick edges the award.Top-rated analysts Paul Collison and Peter Boone are the stars in a team with depth and staying power.

BEST secONDARY EQUITY HOUSE

ATON CAPITAL GROUP

Despite the paucity of primary flows in 2003, Aton Capital has continued to capture a leading share of the booming trade in Russia's leading stocks.

BEST M&A ARRANGER

UNITED FINANCIAL GROUP

Alfa Bank did more deals last year, but UFG's trophy role in advising UK oil company BP on its $6.3 billion stake in Tyumen oil makes it the winner. The on-off Yukos-Sibneft merger (on which UBS Brunswick advised) hogged the headlines, but observers say M&A attention is shifting from hydrocarbons to the precious metals sector. UFG's recent link-up with Deutsche Bank should help further.

BEST M&A ADVISOR

ALFA BANK

Advising on the june 2003 $8 billion joint venture between BP and Alfa Group/Access-Renova helped propel Alfa Bank to the top of the advisory tables, but the bank also advised on deals involving ICN Pharmaceuticals, Eniseytelecom and BaykalWestCom.

BEST ASSET MANAGER

UFG ASSET MANAGEMENT

With pension reform opening up Russian workers' payrolls to private-sector fund managers, there's a Klondike air about this sector. Overseas players are moving in, smart home-towners like Alfa Capital are hiring, but UFG's mix of local and international savvy gives it a distinct edge.

BEST COMPANIES IN RUSSIA 2004

BEVERAGES

SUN INTERBREW

Baltika is Russia's biggest beer brand, but sales have gone flat in the past year. Instead, it is SUN Interbrew that has charged back in a market that still has great growth potential.

CONSUMER PRODUCTS

WIMM-BlLL-DANN FOODS

A two-year on-off negotiation process with International Food Group ended in November 2003. That the company's owners were prepared to pull the deal if the price wasn't right reflected the confidence at this brand king, owner of many of Russia's best-known household names.

ENGINEERING

UNITED HEAVY MACHINERY

A late-2003-announced merger with Siloviye Mashiny propelled UHM to the top of Russia's engineering pile and created a company better able to compete with international houses. A 2003 listing on London will help the company access the capital it needs to restructure and grow.

INFORMATION TECHNOLOGY

IBS COMPANY

Founded in 1992 by now-CEO Anatoliy Karachinskiy, IBS is Russia's leading tech-consulting firm. Its client list is a Who's Wlio of overseas blue chips setting up shop in Russia, as well as home-town ministries and corporate giants.

NON-FERROUS METALS

NORILSK NICKEL

Chinese demand is helping drive world nickel prices through the roof in anticipation of looming shortages. No one is better placed to benefit from that than Norilsk, the globe's largest nickel producer.

OIL AND GAS

LUKOIL

The Yukos affair has buffeted almost all Russian oil and gas companies, but Lukoil has gained more than it has lost. Holding the second-largest private oil reserves in the world, Lukoil has a strong hand in negotiations with would-be foreign partners.