Russian tycoon Vekselberg sets up Swiss board to manage assets

Tue Feb 18, 2014 10:42am EST
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MOSCOW (Reuters) - Russian billionaire Viktor Vekselberg, who sold out of Anglo-Russian oil giant TNK-BP a year ago, is forming a new board for his Swiss-based investment vehicle made up of international executives to focus on global expansion, he said on Tuesday.

The new board for his Zurich-based company - Renova Management AG (RMAG) - will manage his international businesses, mainly Swiss industrial companies Oerlikon (OERL.S: Quote) and Sulzer (SUN.S: Quote), and potentially other assets.

Vekselberg also owns nearly six percent of aluminum giant Rusal (0486.HK: Quote) as well as Russian assets ranging from construction to energy.

The board will be chaired by Vekselberg, who made his money in metals and energy and is now worth more than $15 billion according to Forbes. It will include Deutsche Bank supervisory board member Peter Loscher, as well as former Deutsche Bank CEO and Anglo-Dutch oil major Royal Dutch Shell (RDSa.L: Quote) board member Josef Ackermann.

The move will allow RMAG to focus on the next phase of its development, involving further growth and international expansion, Vekselberg said in a statement.

"There are no immediate plans to enter new assets using RMAG as a managing company now, but its new board may provide some ideas soon giving its best expertise," said Renova's spokesman Andrey Shtorkh.

Loscher, a former chief executive of German engineering group Siemens (SIEGn.DE: Quote), will also be offered an opportunity to invest in the assets managed by RMAG.

Vekselberg was part of the Alfa-Access-Renova (AAR) consortium of four Soviet-born billionaires who sold out of TNK-BP last year to Russian oil giant Rosneft (ROSN.MM: Quote), reaping $27.7 billion between them and around $7 billion for Vekselberg himself.

He is also president of government-funded high-tech developer Skolkovo Foundation.

(Reporting by Megan Davies and Polina Devitt, editing by David Evans)

Russian businessman Viktor Vekselberg speaks to the media during a signing ceremony in Moscow December 6, 2012. REUTERS/Sergei Karpukhin