Auerbach Grayson and Pioneer Securities team up in Russian market.NEW YORK--(BUSINESS WIRE)--Jan. 28, 1997--Auerbach Grayson & Company and Pioneer Securities (Moscow) have formed a unique trading alliance that will allow U.S. institutions to tap the potential of Russia's emerging securities market. This new research and trading relationship combines Pioneer's Moscow-based analysis of the Russian securities market with Auerbach Grayson's strong distribution capability in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Pioneer Securities is a subsidiary of Pioneer First Russia, the holding company for the Russian financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. operations of The Pioneer Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PIOG). The Pioneer Group, Inc. acquired investment banking and brokerage operations in Moscow in early 1995, extending its presence in the financial markets of Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. . "Pioneer has been a bold innovator in the creation and distribution of foreign market mutual funds in recent years, and has demonstrated a long-term commitment to Russia," explains Alexander Rappaport, President of Auerbach Grayson's Russian division. "We can depend on Pioneer for quality analysis and prompt execution of trades for our clients." Also excited about the alliance and anticipating a favorable reception Noun 1. favorable reception - acceptance as satisfactory; "he bought it on approval" favourable reception, approval acceptance - the state of being acceptable and accepted; "torn jeans received no acceptance at the country club" in the United States is Andrei Danilenko, General Director of Pioneer Securities. "Pioneer's extensive knowledge of the Russian market and unique capability to source shares in Russia's regions will now be available to U.S. institutions through our alliance with Auerbach Grayson," says Danilenko. Pioneer and Auerbach Grayson share the belief that U.S. institutions are eager to tap emerging capital markets in Eastern Europe and the former Soviet Union. "For a country of such vast natural resources, such a highly skilled workforce and so many eager consumers, Russia is attracting only a small portion of the U.S. investment flows it deserves," notes Christopher Smart, Pioneer Securities' Director of Research. "The market index more than doubled last year, and the potential for further growth is extraordinary." Auerbach Grayson & Company is a member of the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). ). Having established a unique partnership of local brokers worldwide, it is the only firm in the U.S. whose business is providing direct research, execution and settlement on a local basis in foreign securities markets for major U.S. institutions. In the past year, Auerbach Grayson & Company provided specialized research on over 2,000 public companies in the more than 50 capital markets represented in their network of foreign brokers worldwide. Headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and established in 1993, Auerbach Grayson is also the U.S. representative of the Russian Federal Property Fund, the agency responsible for privatizing Russian companies. The Pioneer Group, Inc., headquartered in Boston, MA, manages over $15 billion in global assets in developed and emerging markets and has significant natural resource projects in Ghana and Russia. Long active in emerging economies, Pioneer has domestic financial service businesses in Russia, Poland, the Czech Republic and India, and was the first firm to launch privately managed mutual funds in Russia, Poland and India. Its financial services companies in Russia also include the advisor to a proposed $150 million direct equity fund, a bank, a shareholder services and registrar company. Pioneer also has a 51 percent interest in First Voucher Investment Fund, Russia's oldest and largest privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned fund, and owns the company that serves as investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and to the fund. CONTACT: Auerbach Grayson & Company Jonathan Auerbach, 212-557-4444 or Pioneer Securities Andrei Danilenko or Christopher Smart 7-095-956-6056 |
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