Alisher Djumanov, managing director at Carthill Asset Management, admits there isn’t much capital market business in Uzbekistan. Indeed, when Euromoney told an official at one multilateral institution it was writing an article on the Uzbek capital markets, he replied: “That’s going to be a short article.” What little business there is in large part is thanks to Carthill’s efforts.
Djumanov says: “We made a conscious effort to be the first western-style investment bank in Uzbekistan, the first to cover investment banking, research, asset management and brokerage – even when volumes are small.
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